Does my LLC, which is owned by another LLC and has a rental property managed by a management company, need to send a 1099 form to the management company for the fees they charge?

November 28th, 2023

Can Section 179 be elected in the same year an asset is placed in service, and can it be used for building improvements that would normally be depreciated over 39 years? Additionally, can Section 179 be used for improvements made to a non-rental commercial property like a hotel, and where can the remaining Section 179 amount be found on a tax return?

February 16th, 2024

I am a dual citizen of the US and Canada and moved from Canada to the US in early 2022. I was still making income from Canadian entities as a consultant/contractor throughout 2022, and I was also making US income. How should I go about filing both US and Canadian tax returns, and what are the specific requirements and deadlines for each?

February 2nd, 2023

I received a 1099-C for forgiven debt and may receive two more. I am wondering if I can claim insolvency, as I had more debts than assets. If not, how much am I expecting to owe the IRS? I filed my taxes via FreeTaxUSA for 2021 and 2022.

June 21st, 2024

I rented out my home on Airbnb and had a tenant stay for 8 months, using all my linens, dishes, toiletries, and WIFI. I have 4 properties for Airbnb and want to know if this rental should be reported on Schedule C or Schedule E for tax purposes, especially since the tenant stayed longer than 30 days.

November 9th, 2023