We have a rental property that has not had a tenant for the past two years in a different state. We have put money into the house which has deteriorated over time but don't know where to enter the property tax paid and the cost of the repairs. The property was inherited through a death in the family a few years ago but we did nothing with it. We are in the process of doing a land contract with a buyer out in Michigan.

June 24th, 2023

Is there any form or paperwork needed to be submitted to the IRS to declare money sent to the US by family in India?

June 18th, 2023

Do I have to pay an agency to find out if I need to file a tax return? Last year, I paid $60.00 to an agency that informed me my income was too low to owe anything, but they still charged me for the information. Additionally, I did not receive the forms I usually get.

October 5th, 2023

I sold an apartment building where the building had no value, but the land value increased significantly. I can prove there was no value to the building, so there was a loss for the building. How should I report this on Form 4797, and can I allocate all sales numbers to Part 1 of 4797 and nothing to parts 2, 3, and 4?

June 14th, 2024

Can we deduct restitution paid for the tax year 2017?

July 22nd, 2023