I am placing a house into full time short term rental to try it out.  But what are the tax consequences if I discover it is not as profitable as originally hoped and convert it back into my primary residence the follo...

I'm hoping someone can give me some insight to this rather individualized question.  I own a 2 story duplex and rent the 1st floor and live on the second floor.  In 2017 I built a laundry room with hook-ups for both m...

Hello everyone,

We, my wife & I, have a primary property that we have lived in for 18 months. We will be selling our home and our net profit will be tax free due to our primary property.

We also just sold our...

I had a question that my QI couldn't really answer. Before I bug my poor CPA again, I'm wondering about the collective consensus of this group. How long do I need to keep a newly purchased property that I exchange in ...

Hi guys,I never claim my home office on my taxes and I was thinking that when I have an audit, and the audit finds something, then I can use the unclaimed home deduction to offset it.But then Ive heard that some deduc...

Hello.  I had a house in the suburban Chicago area for 5 years.  The first 3 years it was a primary residence.  Then once we decided to increase our family we bought a new house and converted the first house to a rent...

For the past 8 months, tax professionals have been studying Section 199A (the 20% pass-through business deduction) and trying to position their clients to best be able to maximize their deduction.  However, we have be...

I am moving out of my current residence and plan on turning it into a rental. From what I can tell if I sell the house within 3 years after moving out, I will not have to pay capital gains tax. The rule is if you...

I am trying to understand the safe harbors as it relates to expensing rather than depreciating items.  I've read some of the forums and blog posts, and everyone's examples always seem to be slightly different than min...

I would like to buy a used car for my LLC, 100% business use. It would be under 6K lbs. Would I be able to deduct the cost against capital gains profits of my LLC?Sorry, I know this has been talked about but I was una...