Real estate Acreage Structures Automobiles Motor homes However, tangible possessions are not the only type of property that can get seized by the IRS in the pursuit of paying tax debts. Additional examples of an asset include but are not limited to: Tax refunds Professional qualifications Income-g...
If you don't qualify as a real estate professional but still actively participate in your rental real estate activities, you might be eligible for the special allowance. This allows you, as an active participant, to deduct up to $25,000 against non-passive income. I...
Various expenses for the business use of your home can be claimed on Form 8829, including rent, mortgage interest, insurance, utilities, real estate taxes, home repairs, and more. Form 8829 has four parts that are used to calculate (1) the percentage of your home used for...
” Much like the concept ofdomicile, this definition can leave room for interpretation. If you plan to claim foreign residency and still own real estate in the United States, it may be helpful to consult a tax professional to ensure your case against a U.S. abode is well supported. Note...
This order was given in total disregard for the trustee/agents' arrangements to complete an IRS 1031 tax deferred exchange that was in place at the time, with the intent to save the selling trust capital gains taxes and enabling the trust to take advantage of the strong real estate market....
(A). This may raise a multitude of concerns for NFT owners, especially if such definition is applied broadly to images. This further raises the issue of how “multipurpose” NFTs, such as Bored Ape Yacht Club, would be classified under the look-through analysis. Bored Ape Yacht Club is ...
It is worth mentioning that the IRS has the power to levy other types of assets as well, such as wages, vehicles, real estate, and retirement accounts. However, the focus of this article will be specifically on bank account levies. Circumstances Leading to an IRS Bank Account Levy There ar...
Sandra Habiger is a Chartered Professional Accountant with a Bachelor’s Degree in Business Administration from the University of Washington. Sandra’s areas of focus include advising real estate agents, brokers, and investors. She supports small businesses in growing to their first six figures and ...
If you waited until you were eligible to file, you are allowing the IRS extra time to garnish a bank account or attach real estate. You want to file as soon as possible but not too early. A Tax discharge determinator is a software that helps calculate this date. Calculating your ...
Real estate rental activity is generally considered passive activity, even if you materially participate, unless you're a qualified real estate professional.5 The participation of limited partners in enterprises owned by them is passive participation unless they pass material participation tests one, five...