asked
I own a summer cottage bought in 2007 that I rent out each year. I do not occupy it so it is 100% rental. The following is the income for each year: 2007: $3600 rent - $4940 expenses = $1340 net loss for year. 2008: $3568 rent - $4030 expenses = $462 net loss for year. 2009: $2400 rent - $4261 expenses = $1861 net loss for year. 2010: $0 rent (no one occupied while we refurbished dwelling) $700 expenses = $1400 net loss for year. How do I handle 2010 taxes? Can I claim the $1400 loss in the same way as previous years? Will the IRS object to 4 years of losses in a row and apply restrictions or worse, audit previous year returns? Any passive income rules broken here? What if I never show a profit for the five years 2007 - 2011?
February 15th, 2024
I need to file my taxes for the last 4 years. I didn't work consistently, but I am concerned about my status with the IRS. I didn't receive any forms because I only worked part-time and occasionally. How can I determine my status with the IRS and what steps should I take to file my taxes?
November 14th, 2023
An unmarried couple buys a house together and then splits, with one of the couple buying out the other to keep the house. Can the money used to buy out the other person be deducted?
April 3rd, 2023
What do the beneficiaries do about their taxes in New York if the trust was not distributed until two years later, and I have the trust document?
December 13th, 2024
Can tax liens and tax liabilities be discharged through bankruptcy?
April 6th, 2024
I have a business registered in NJ. The 1099 MISC is from a business registered in NY. While filing taxes, do I need to include this as income in NJ or NY or both tax returns? How do I make sure that I am not double-taxed on this by two states?
April 5th, 2024