The guidelines associated with the personal and leasing utilization of premises are included in this article in the Landlord’s Tax Guide. This may be either because you are leasing out a space in the same property which you are living in, or you have got a vacation residence that you might privately employ a few…
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Tax Allowable Rental Property Expenses: Insurance, Cleaning/Maintenance, and Repairs
You’ll want to ascertain that all expert services and fees are arranged adequately and accurately documented for the objectives of taxation conformity, now that you’ve chosen to lease property for income. In this article, we will name drop a few of these important costs. Insurance Insurance coverage installments are prepaid ahead of the given time…
Deductible Automobile and Transportation Expenses Related to Rental Residences
The use of your own automobiles as well as rentals and local transport may be deducted based on a few particular variables provided these are common and important. If you are incurring travel expenses to maintain and manage your leasing residence, as well as to receive rent payments from residents, you will be allowed to…
Important Tax Forms for Reporting Rental Income
This valuable brief article discusses the assorted Internal Revenue Service tax documents you need as a property manager to be able to completely record, and report, your own rental property earnings to the Revenue Service. Depending upon the particular authorized body which manages the rental home, the tax forms required will change, as detailed in…
Deductions for Landlords: The Home Office
There are few deductions taken by business owners that are more dreaded than home office deductions. Some business owners are convinced that claiming this deduction increases the likelihood of an audit, yet the IRS is adamant that this is just not the truth. Either way, if you follow the rules, and maintain proper records, you…
Tax Deductible Rental Property Expenses, Part 1
This chapter of the Rental Property Tax Guide centers on the various deductible expenses of your gross rental income so as to figure the net rental income. Given that there is a variety deductible expenses, this Rental Property Tax Guide breaks the topic into four different types. This first part will give attention to professional…
Startup Expenses and Deductions
Several expenses incurred while preparing a property for rental (before ultimately renting,) are deductible. Let’s have a look at a few. Note: Startup expenses discussed here, are dissimilar to the expenses allowable as a deduction (in Internal Revenue Code section 195.) Under that section 195, certain expenses incurred as startup expenditures in an active business…
Rental Property Ownership
Let’s focus on the possible entity types as they relate to the ownership of rental properties. In later articles we will move on to look more microscopically, but for now let’s make sure you are starting from a strong base. You’ll see below the different entity selection types have pluses and minuses. As a guideline,…
Prior to Purchasing a Dental Practice
Deciding where to buy, how to go about it, and what kind of dental practice to purchase is a very important step in the career of a dentist. There are many essential decisions to make and key factors to examine as you search for the perfect dental practice that meets all of your needs. Take…
Supporting Documents & Form 656
Preparing Form 656 and Supporting Documentation in Attempting an Offer for Compromise of IRS Back Tax Debt An Offer for Compromise (OIC) is a tax settlement offer from the Internal revenue service to taxpayers, both individuals and businesses, who are unable to manage their tax debt. There are certain strict criteria that determine eligibility to…