I am renting my apartment in NYC and also renting out an extra bedroom on Airbnb. I received $3,670 in 'Rents' on my 2012 1099-MISC. Since I don't own the apartment, can I deduct a portion of my rent as an expense related to the Airbnb income? If so, how should I calculate this deduction and where should I report it on my tax return?

June 9th, 2024

How do I determine the amount to put in line 11 of Form 6251 for the Alternative Minimum Tax Net Operating Loss (AMTNOL)?

April 17th, 2024

Are subsidies under Obamacare subject to the Federal Payment Levy Program?

April 1st, 2023

My husband withdrew money from his IRA for less than 30 days and then redeposited it back into the same IRA. We received a 1099-R form. Do we need to report this on our taxes, and if so, how should we handle it?

April 13th, 2023

We had 2 rental properties (duplexes) that we sold in 2006, and due to spiraling values at the time, we had to write checks at closing. How and where do we recoup that? It was never put on our taxes, but we want to get credit for it.

October 4th, 2024