6 April 2021 | 11 replies
-with the standard deduction being so high now, having a loan against your primary may not be the most economical.
2 April 2021 | 2 replies
When calculating tax on profit, will We be able to take 500k (married) deduction on the entire house or only for one of the units?
3 April 2021 | 2 replies
You should be able to deduct the interest portion of your payments, but even that is not guaranteed.
16 April 2021 | 3 replies
Since I have already filed my taxes for 2020 a couple months ago would I have to amend the tax return to add in the deduction for the prior year contribution?
3 April 2021 | 3 replies
Your math not correct and you are not factoring in the deductions(such as the standard deduction for you).Very simply: If you gift half of the balance to your fiancee (which you can do with the annual exclusion and the lifetime exclusion), with 20k W-2 and let's say 28.5k cap gain ( 32k sale proceeds less 3.5k basis), your cap gain is around $750.
22 September 2020 | 8 replies
If not, deduct for damages per your state laws.4.
23 September 2020 | 11 replies
After a month goes by, deduct the entire water bill from you payment and outline what you are doing.
22 September 2020 | 3 replies
I have read that if we sell it under contract we can't deduct depreciation, but what about the repairs we have done over the years?
24 September 2020 | 4 replies
If we have a STR rental in Florida which we rent from Memorial Day until October, then travel to our STR in Brasil & live there from October until May, would the travel be deductible?
24 September 2020 | 7 replies
Also, do you all factor in depreciation and other deductions into your returns?