Depreciation

Home Office or Rent

February 28, 2011

Today TaxMama hears from Leslie in the TaxQuips Forum, who is quite clever. “I am helping a friend out with her business. She currently takes a deduction for having a home office for the company that she runs out of her home. Would it benefit her more to charge the company rent? I know she [...]

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Section 179 Commercial Vehicles

December 15, 2010

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Today TaxMama hears from Jared in the TaxQuips Forum,who is confused. “What are the guidelines for writing off a new commercial van? I need a big deduction. Can I write off the whole thing? I have been to many sites – and even the IRS site is different. I thought it was $25,000 last month [...]

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5th Wheel

November 2, 2010

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Today TaxMama hears from Brad in Jacksonville, NC , who says, “I’ve been considering purchasing a (self-contained) motorhome/fifth wheel RV for use as lodging/office to use on my business travels. Can I write it off?” Share this:

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Renting Losses

October 6, 2010

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Today TaxMama hears from Alissa in the TaxQuips Forum. She wants to know, “The mortgage on my rental property is $1,500 (including tax, insurance, & a 2nd). But I only charge $1,200/month for rent because that is the going rate in the neighborhood. Do I still report the $1,200 as rental income even though it [...]

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Small Business Jobs Act of 2010

September 24, 2010

New Jobs Act brings tax benefits (9-23-2010) On September 23, the House passed the Small Business Jobs Act of 2010 (H.R. 5297). It is expected to be signed by the President. Among its provisions: Share this:

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TaxMama’s Tax Roundtable August 2010

August 18, 2010

REPLAY today’s session – you can listen and SEE the session and forms Share this:

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Step Up Basis Adjustment

August 10, 2010

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Today TaxMama hears from Rob in the TaxQuips Forum, who couldn’t get IRS to answer him. “I am adjusting a 2006 return using the 3115 Form per your guidance. The Real estate is 1974 property where we used ACRS, 125% and 20 years. For the step-up do I have to use MACRS lives and methods?” [...]

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Tax Advice From Friends

July 26, 2010

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Today TaxMama hears from Tim in the TaxQuips Forum. He tells us. “I’m a career military guy and bought a house in 1994. In 1996 we were transferred and turned the property into a rental house. Over the first few years of this period I depreciated the home; but stopped in 2002 on the advice [...]

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Just one Room

May 19, 2010

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Today TaxMama hears from Charles in the TaxQuips Forum. He tells us “I am going to rent my second home to some people starting in June. It will have some furnishings that we will allow them to use. Our personal property that we don’t want them to use will be in a locked bedroom, maybe [...]

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4 Unit Apartment

May 4, 2010

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Today TaxMama hears from Tom in the TaxQuips Forum who wants to know. “Does anyone know if there are any tax breaks if the owner lives in one of the units of a 4-unit apartment building? The owner moved into the unit after 5 years of owning the building.” Share this:

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