I own income property that generates about $10K per year in net taxable rental income and have about $25K per year in interest income. I'd like to buy a piece of land in Mexico to build income property on at a later date. Would the interest I pay on the land be deductible? I presume it would be up to my interest and investment income ($25K), but what about my rental income?
July 14th, 2024
As a nomadic individual who has left the U.K. and plans to set up an internet company in either Hong Kong or Singapore, what will happen regarding my personal tax, especially considering I have an outstanding personal tax bill from the U.K. that I have not paid?
August 10th, 2023
I am married but filing separately and owe the IRS $5,544 for 2018. I believe this is due to not having enough withheld from my paycheck. Should I change my Marital Status to 'Married, but withholding at higher single rate' and change my Total Allowances from '1' to '0' to ensure I don't owe the IRS this year?
March 31st, 2023
My mother's will is coming to a close, and I plan to sell her house to my nephew at a reduced price to ease his financial burden and reduce my tax liability. My sister, the executor, explained my plan to the lawyer, who said that selling my mother's house is not taxable since it is considered a gift. However, I thought that any revenue from selling or renting the property would be taxable. Which is true, and why?
April 13th, 2023
I'm a single mom and I heard there is a tax income program for low-income families to help with their rent. Is this true, and if so, could you provide me some information about it?
October 25th, 2024
Does New York state pay additional income taxes?
February 28th, 2024