I am looking to purchase two real estate investment properties that I plan to rent out. I will have expenses such as travel, rehab and maintenance costs, and purchasing appliances. I have considered an LLC but the loan program does not allow me to sign these properties to an LLC. What write-off options should I track for upcoming tax filings, and what am I justified in writing off? Are there any tax credits I should expect for my first two mortgages?
October 10th, 2023
How can I print a copy of my 2004 Federal Tax Return to verify the dates of my employment with the IRS as a full-time employee for federal retirement?
April 29th, 2024
I own a house with my husband that has a mortgage and another house with my mother that is paid for in full. Is there anything I can deduct on my taxes for the house with my mother, and how are these deductions reflected on my tax return?
August 2nd, 2024
I live in Houston and am billed daily for tolls on the tollway. I have an account with the Toll Road and they bill me $40 a month. I don't keep track of whether I'm driving to work or not, and for a good part of the year, I was unemployed and driving to and from interviews. Can I deduct the $40 a month? Or do I need a detailed log of every toll?
October 27th, 2024
I live in Florida and received an inheritance check of $86,000 from my Uncle's California estate worth $700,000. Will I have to pay any type of inheritance tax?
February 26th, 2023
I have a tax lien on my home due to no fault of my own. The IRS was supposed to take out my payment each month from my checking account, but they stopped. I never cancelled it. What is the fastest way to resolve this, and if I pay the full amount owed, can I get a letter from the IRS stating it was paid in full? What kind of payment should I make, and how long will it take for the payment to reach the IRS?
November 3rd, 2024