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14 February 2019 | 6 replies
When I have dealt with the IRS they have always wanted to see paperwork, so I try to get as much paperwork as I can.I get business cards from everyone I talk to, keep receipts from meals and some type of business log who I meet with and how I traveled there.I have found they prefer a log that was created at the time I was traveling rather than something that was created sometime later.
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10 February 2019 | 4 replies
Because your activity right up until renting will act a lot like a developer there will be a natural skepticism on the part of the IRS if ultimately audited.
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11 February 2019 | 9 replies
The IRS link while helpful to provide general information is not authoritative as I'm sure you're aware, and should be read in this context.The statutory guidance on what constitutes a partnership is vague.
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11 February 2019 | 15 replies
Here in CA I believe the tax sale wipes out pretty much all previous liens EXCEPT that for 120 days if the IRS has a lien they have the option of redeeming the property for what the bidder paid.
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18 September 2022 | 15 replies
Opportunity zone funds have several rules in place to be able to meet the IRS guidelines.
10 February 2019 | 4 replies
Reference IRS publication 598.When a 401(k) receives gains from an investment that uses debt-financing, it can be creating Unrelated Debt-Financed Income (UDFI).
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12 February 2019 | 9 replies
You'll figure that by first taking the lower of purchase price or retail value on the day you put it into service as a rental I believe (a lovely little "getcha" from the IRS).
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10 February 2019 | 7 replies
Now tax season and I need help with separating my receipts and paperwork that will be good for the irs and help me in the long run.
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11 February 2019 | 13 replies
And just to add to my previous statement it's a great idea to have your CPA put together a draft of what he/she is about to submit to the IRS.
11 February 2019 | 8 replies
@Daniel EvenchenWhat you propose would violate the IRS rules.