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According to theInternal Revenue Service (IRS), the useful life of an asset is used to estimate the period over whichdepreciationof the asset may occur. Because this estimate is based on facts that change over time, useful life can be adjusted to compensate for such changes if they are sign...
Self-employed taxpayers likely need to pay quarterly tax payments and meet key IRS deadlines. Here’s a closer look at how quarterly taxes work and what you need to know when filing your tax returns.
Getting an EIN Number from the IRS is completely free. How long does it take to get an EIN? If you apply online, it takes 15 minutes. If you apply by mail or fax, it can take 1-3 months. How can I get an EIN? US Citizens/US Residents: If you have an SSN or ITIN, you ca...
Sale of Rental Property: IRS Form 4797 The Internal Revenue Service considers rental property to be business property, so you can't just report the gain or loss on your Form 1040. You must also complete and fileIRS Form 4797, Sales of Business Property. If your rental property is a home...
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To be eligible for a 1031 exchange, the properties involved must be of like-kind, meaning they are similar in nature or character. For example, you can exchange a residential rental property for a commercial property or a vacant land for an office building. The IRS provides broad guidelines ...
more than 14 days and use it for fewer than 14 days or 10% of the total days when it was rented, whichever is greater. In this case, the IRS considers the home a rental property and views the rental activities as a business. As such, you must report all rental income to the...
By default, an LLC is taxed by the IRS based on the number of owners your LLC has: A Single-Member LLC is taxed like a Sole Proprietorship. A Multi-Member LLC is taxed like a Partnership. Alternatively, you can ask the IRS to tax your LLC like a C-Corporation or S-Corporation. Mar...
The LLC uses IRS Schedule K-1 to report these profits and losses to its members, who in turn report them to the IRS. In accordance with this tax status, New Mexico requires LLCs to file an annual Income and Information Return for Pass-Through Entities. You can do this online through ...