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6 August 2019 | 13 replies
With the introduction of the 2018 Farm Bill, hemp has been removed from Schedule I controlled substances making it an ordinary agricultural commodity.
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4 July 2023 | 7 replies
It can even be held in your personal banking account, though this is not recommended simply because you don't want to spend it and it's easier to track if it is held separately.if the bank will only allow you to pull funds using a cashier's check, then you need to consider looking for a different bank that operates like an ordinary checking account.EDIT: you don't say what state this is in, so please check your state laws.
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29 June 2023 | 4 replies
We have project were we are looking to convert the covered patio in the backyard to interior living space, adding an addition 150-200 sq. ft. to the interior.
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14 October 2022 | 15 replies
From a tax perspective, fix n flips will put you in the ordinary income category.
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7 July 2023 | 12 replies
This is known as depreciation recapture and is taxed at a rate equal to your ordinary income tax bracket up to a maximum of 25%.
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1 May 2023 | 10 replies
In THAT case:- you don't have to have an LLC- you can use Section 179 if the vehicle is 100% business and is the qualified kind of vehicle, i.e. not a passenger car- in 5 years, the entire sales price would be taxed as ordinary income, and you can call it depreciation recaptureHowever, you mentioned that this is a rental business which opens a lot more issues to consider:- you need to be able to say with a straight face that you needed a new truck in order to manage your rentals- you need to track business v. personal use- Section 179 may be limited, depending on your overall situation, and you may be better off with the 100% bonus depreciation- your overall losses from the rental may be limited, so deducting an auto might not make a difference even if otherwise possible
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10 July 2023 | 17 replies
Should i let her with hold rent .In long term i believe this is not good practiceThe issue is Patio screens are torn and need repair and i was looking for a handyman who can do this.Are patio screens mandatory repair in Florida?
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30 November 2014 | 4 replies
The lower unit did not have much damage just a lottle smoke in the door, patio door and front picture window replaces.
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6 June 2023 | 11 replies
My accountant stated, “The losses incurred on the rental properties cannot be taken and will be carried forward as your income exceeds $150k, thus no losses can be taken against your ordinary W2 income.”I was really surprised by this.