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I have an LLC that will be an S Corp.. I would like to know how I should treat rents the LLC receives for tools it rents to others. I also use the tools - I'm a building contractor - through the same LLC. Does this pose any problems? Do I treat the rents as section 162 or 212 income? I think 212......
Rental Income QuestionIs rental income always passive income? I own a beach house in Florida that I rent out by the week. I advertise on the internet, I take all bookings, handle all the money, collect and pay sales tax, and do all of the maintaince and cleanup between guests or hire people to do it. It is hard to......
Rental income expense or personal income deduction?What is the name of your state? California We own a duplex in California, in which we live in one part and rent the remaining 1/3 of the property as a separate apt. On our federal taxes return, we take 1/3 of our property taxes and mortgage interest as rental expenses, and the remaining 2/3 as......
Rental house question in Washington StateWhat is the name of your state? Washington Hi... I bought a rental in 2006 and I have a couple questions. I rent it to my 25 year old son and two of his college friends... does the fact that I'm related to one of the renters disqualify me from claiming it as a rental on my taxes? Also when I......
Rental home sell & capital gains taxWhat is the name of your state? WV We are selling our rental home and wonder if purchasing timber land with the profit would prevent us from having to pay capital gains tax?...
rental home & vacation homeArizona. I had 2 homes, one built in 98, the other in 99. One of the homes I have lived in for at least 3 out of the last 5 years, the remainder of the time being rental property. The other home , classified as a vacation home, was quick deeded to my brother in the first quarter of this year. The......
Rental expense - Tax deduction?What is the name of your state? Indiana I am planning my estate and a duplex I own will be put in a trust for my son if I pass away. Since the value of the duplex accounts for approximately 50%, may I take 50% of the attorneys fees off my taxes as a rental property expense?...
rent penaltyWhat is the name of your state? California I broke a lease and had to pay a 3 month ($3,000) penalty. Is the penalty tax deductible?...
Rent Free CondoWhat is the name of your state? North Carolina I may purchase, a condo, ( Intend to pay Cash) (Deed) would be in my name, my daughter & her family would live in the condo,(Rent Free) My question: Would this be considered a (gift) to my daughter, from me, by the IRS for the amount of the......
Rent Control Rules issueSanta Monica, CAi am not sure if i should post this in the landlord/ tenant area or the taxes area The local rent control fee is due from July 1 through August 1 to qualify for passing through this fee to the tenants. I purchased the property on July 28th and the transaction to be finalized on......
[Accidents & Personal Injury Law] Recently at my job there was a camera stolen from an office. I am very good friends with all of my bosses and we always send e-mails back and forth. I happened to send an e-mail containing a picture of another employee (my best friend) to our boss in which he sent it to a few others as a joke..........
student loan bank garnishments[BANKRUPTCY & CONSUMER CREDIT] I am aware that the department of education can intercept tax refunds, and garnish wages, but can they put a freeze bank accounts or put liens on real estate? I am more than willing to pay this damn student loan. But the original $6000 loan is now almost $17,000. It sickens me to be manipulated.........
Schedule I Attachment[BANKRUPTCY & CONSUMER CREDIT] What is the name of your state?I make a few dollars each month from a home business. On Schedule I, under "Regular income from operation of business or profession or farm" it states "(attach a detailed statement)". Does this statement need to be in a specific format? What.........
PA ?[Wills & Trusts] In state of PA. Party A is executor of will. Party A is also trustee of a trust. Will and trust are from two different people but they are related. Party A, Executor of will disbursed money from the estate of deceased to the person that he is trustee of. Deceased did not owe the person who owns.........
Responsible for mother's credit card debt?[Consumer Law & Fraud] My mother recently passed away and she has about $1000 on a credit card. I am wondering if I am responsible for paying the debt or if the credit card company has to absorb the money owed. Any info is appreciated!......
business in wifes name, on SSD[BUSINESS & FINANCIAL & Corporate LAW] What is the name of your state, ny I heard that the US government is cracking down on this. Can a person go on social security disability, start a business, and put the business in their wifes name? I had seen this happen a lot. Dont say that a person has to be disabled to go on SSD. That scam.........
underinsured motorist[Accidents & Personal Injury Law] help! a dui drunk drive hit me head on. his ins co paid me 20k. now my attorney is making a claim against My own ins co under the Under Insured Motorist Provision which i have a 300 k limit. my neck and back still hurts after11 months. i get head aches, i cant sleep well at nite, i get up.........
AWOL from the Marines[Government & Administrative Law] What is the name of your state? MN My boyfriend went AWOL from the Marines about three months ago and last week he ended up getting arresseted because of the Fed. warrant that was out. The MP's came and got him and brought him back to Camp Pendleton. Nobody has heard from him since (Including.........
Is having a record sealed equivalent to expungement[CRIMINAL LAW & PROCEDURE] Hi, My case was dismissed pursuant to 1203.4 a few years ago. I was wondering if its the same thing as sealed. On one of the job applications, i was asked not to enclosed convictions sealed or annulled by a court. If anyone can answer that question for me, it'll be great. Also, I've been told.........
Email Broken into[Intellectual Property] What is the name of your state? CA Is there a cause of action for someone breaking into your email account and erasing the information.......
What is the name of your state? Ohio I am wondering if I can take a deduction on either my state or federal income tax returns for the rent I paid this year. My income is less than 20,000 and I am single with no children....
What is the name of your state? IL I am confused with a situation. I always did my taxes using TaxAct and never deducted the rent I pay on my apartment (because I always thought one could not). Well, one of my friends went to a CPA to do his tax returns. And apparently the CPA deducted his rent......
What is the name of your state? Louisiana Does a remunerative donation attract either state or federal gift taxes?...
What is the name of your state? MN My wife is a full time student and recently relocated across the country to attend a new school. Are any of her relocation expenses tax deduct-able?...
What is the name of your state? California I am moving from California to Colorado and want to know if I purchase a trailer to move and store my classic car and other household items, may I deduct the expense on my taxes?...
What is the name of your state?tennessee My husband's parenting plan states that he can claim his 16 y/o son until 18. He is considered the noncustodial parent and pays child support. The son is 16 now. Does his ex need to fill out form 8332 releasing that exemption to him? What if she doesn't......
What is the name of your state?What is the name of your state?What is the name of your state?California We were audited for tax year 1997. The federal tax lien was filed in 2003. I hired a tax negotiator , we filed an OIC twice to the IRS but rejected , because the IRS says that I have equity on......
Hi, Massachusetts Handyman and Home repair business Generally in the course of business I purchase product for customers at Home Centers and then seek reimbursement on reciept value for the product. I profit on job related time as opposed to material markup. Do I need to report reimbursable......
What is the name of your state?DE My C-Corp status is active and has paid all the franchise tax and has submitted the annual report via my agent in DE. If I go to a convention for a weekend event in another state and do bussiness there do I need to file a foreign corporation tax document just......
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