asked
I lived in property A from January to May and rented it on Airbnb for 13 days. I bought property B in March and owned it for 303 days in 2015. Out of these, 45 days were leased for free to the sellers, 15 days were spent on remodeling, and 92 days were rented at market price via Airbnb. Do I need to report income from property A? For property B, can I assume a 70% / 30% split between personal and rental use? How should I capitalize or expense the following for property B: $28K in interest (from form 1098), property tax, $20K in remodeling (with $10K having receipts and $10K having only check photocopies), $4K for a furnace (with only a check photocopy), $500 for a dishwasher, $1000 in utilities paid when the property was rented via Airbnb, and $1,200 for a couch?
May 1st, 2024
My son has a three-year-old child with court-ordered joint custody. His ex-partner claimed the child on her taxes for the whole year, while my son filed as single and had to pay taxes. Could he have claimed head of household with a qualifying child even if his ex claimed the child for the whole year?
July 5th, 2023
I e-filed my IRS return on January 24, it was accepted on January 28, and I have tax topic 152. I still only have one bar on the Where's My Refund (WMR) tool. Should I be concerned?
August 12th, 2023
I received a phone call from someone claiming to be a tax representative from the IRS, threatening legal action for back taxes and demanding immediate payment. The caller provided an IRM number and a phone number from Seattle, WA, and warned against discussing the matter with anyone. I feel this might be a scam. What should I do?
October 19th, 2023
My client has a California LLC taxed as a partnership. The only members are himself (80%) and his girlfriend (20%). They own rental properties and are both actively working in the business. In 2011, he paid the premiums for their individual health insurance plans and their out-of-pocket medical expenses from the LLC. How can we maximize tax savings for these expenses in 2011, and what strategies can be implemented for 2012 if necessary?
August 17th, 2023
What is the standard approach/process for reviewing a tax return, applicable to all types of returns, not specific to individual or corporate tax returns?
July 1st, 2024