I converted my prior condo to a rental property and believe it falls under passive income. I read that I can amortize loan costs (not included in my cost basis) on line 42/43 on form 4562. Is this true? If I refinanced multiple times, can I include these loan costs? Should I take this deduction and how do I do it? Additionally, I replaced a hot water heater in 2018 myself and understand that if the cost is under $2500, I can take the full deduction immediately using safe harbor for small taxpayers. Is this correct? If so, can you provide sample language for the letter I need to include? Is there a difference between the safe harbor for small taxpayers and de minimis? I thought one allows including improvements with the small taxpayer but not for the de minimis. Just want to make sure I'm referencing the correct part of the code.
October 21st, 2023
If I have mailed in the SS8 Form to the IRS and am waiting for results, but I qualify to be a 1099 employer, can I switch all of my employees over to 1099? Do I have to wait for the results of the SS8 form? All of my employees function as independent contractors and it would save me a great deal of money to switch over to 1099.
August 9th, 2023
I need taxes taken out of my Social Security payments. What is the correct form to complete, and how do I submit it?
February 22nd, 2023
If my business is located in Texas, my customer is also located in Texas, and I am purchasing products in California, do I charge sales tax to my customer?
September 27th, 2024
My daughter received her refund last week, but mine still hasn't come. We filed on the same day. Why hasn't my refund arrived?
January 27th, 2023
I need a transcript of my 2021 tax return. I am 72 years old, located in Fairport NY, and do not have any dependents. My income sources for the year included approximately $22,000 from work, $25,000 from social security, and $115,000 from an IRA I was gifted. What are the steps to obtain my tax transcript?
March 31st, 2023