asked
I am getting my taxes done for 2016 and my tax preparer wants to prorate expenses for my rental homes based on the number of days they were rented. I don't believe this was done before and I had them for over 10 years. I tried to look it up and it appears he is trying to use the vacation home rental rules. They don't meet the test as I do not stay there over 10% of the time nor 14 days. They are my business (rentals). Is he correct in trying to prorate all my expenses on Schedule E or not?
November 5th, 2024
I sold shares worth 181,000 with a cost basis of 78,000 through a private employer's ESOP plan. The stock was gifted over 20 years. How does this get taxed?
August 2nd, 2023
Is there a cutoff date in December for when a truck purchased in 2016 can be counted for the Section 179 deduction, and can I still use the $25,000 deduction allowed under Section 179 if my truck meets the criteria and I have $22k in business income?
May 2nd, 2023
How is social security taxed, and how is it determined whether I can earn without being taxed on SS? Specifically, if I am employed on a quarterly basis, three months at a time but no shorter length, how does this affect the taxation of my social security benefits?
January 14th, 2024
A vehicle was purchased and used as a Lyft/Uber vehicle. How is it depreciated?
September 3rd, 2024
As a self-employed individual, I took draws of $2,000.00/wk in 2016, resulting in a profit of $9,000. I learned that the profit is considered my income proof. Is it better not to draw anything if possible throughout the year, and how should I report my draws for tax purposes?
March 4th, 2024