An IRS rule can sometimes be used (but not abused) to claim tax-free rental income on your home.
IRS publications are helpful guides the IRS provides to educate taxpayers. There are IRS publications covering nearly every topic, from reporting tip income to filing taxes as a business owner and how extensions work. Looking for answers on key tax topic
Any person who has income from passive activities and incurs passive activity losses that are subject to IRS loss limitation rules, you'll need to use Form 8582. Who falls into this category? Real estate investors with rental properties are the most common users of this fo...
Planning and compliance with U.S. corporate, partnership and individual income taxes Understanding the tax impact of owning U.S. vacation and rental properties Moving to or from the U.S. Expatriation from the U.S. Representation before the IRS or state taxation authorities ...
If you sell your property at a profit, you can defer the amount of your gain by using the proceeds to buy like-kind property under the IRS' Section 1031 Rules. These rules permit taxpayers to defer any gain on the sale of certain kinds of property if they use the proceeds to purchase...
As a result, there are some special rules and considerations for claiming these expenses on Form 8829 and Schedule A. For example, you can’t claim both itemized deductions and the Standard Deduction on the same tax return. However, this rule doesn’t prevent you from reporti...
If you earn rental income on a home or building you own, receive royalties or have income reported on a Schedule K-1 from a partnership or S corporation, then you must prepare a Schedule E with your tax return. You must report all income and losses from
You must complete IRS Form 5695 if you qualify to claim the non-business energy property credit or the residential energy-efficient property credit.