Tag Archives: Rental

Gift to Parents

Today TaxMama® hears from Susan in the TaxQuips Forum with a good question. “Suppose I purchase a home and keep title in my name and let my parents live in the home rent free. Is the rent-free usage of the property considered a transfer subject to the gift tax? I think not, as I have […]

Helping Son Pay College Loans

Today TaxMama hears from Jack in the TaxQuips Forum who is bursting with pride over his son. “We are in more of a position to help my graduating son financially than when he started 3.5 years ago. He’s very sharp with investments. So we’re looking for ways to develop these skills while building cash to […]

Vacant Rental Property

Today TaxMama hears from Ed in the TaxQuips Forum who wants to know. “Can I still deduct my expenses on a rental house which sat vacant for 2010 on Schedule E?” 

Small Business Jobs Act of 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:

Storing Dad’s stuff

Today TaxMama hears from Sandra in California, who tells us. “I have a client that inherited a house from her father. She kept it as a rental income property. She cleared out all of his possessions from the property and put them in storage. Now she wants me to categorize the on-going storage expense as […]

Moving Back Into Rental

Today TaxMama hears from Ron in Reno, who wants to know, “My wife and I have a rental house that we lived in from 1971 to 1979. We have rented it out ever since then. Can we rent out our present house and then move back into the rental for 2 yrs to convert it […]

Casualty Loss

Today TaxMama hears from Jackie in Virginia who tells us, “We had some water damage on our rental property and the insurance company paid for the repairs. Is the insurance payment for the repairs considered income?”