If you've ever considered renting out your home for a short period, you should know about a tax rule allowing homeowners to earn rental income tax-free if their property is rented only for up to 14 days in a tax year. (According to the IRS, rental income is "any payment you receive...
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While most IRS agents act very professional and follow the rules, there are some IRS agents that abuse their position. One IRS agent fromCaliforniawas indicted for suggesting to delinquent taxpayers to refinance their mortgage to obtain the necessary funds. It turned out he was getting money from...
TheIRS Section 280Adeduction pertains to using a home for business purposes, including the well-known home office deduction and renting out a portion of the home. However, the rules surrounding what you can deduct and how much depends on the specific use of the home. Here's a breakdown: 1...