Today we hear from Bill in MD who tells us.https://mannadew.co.uk/wp-content/languages/new/lasix.html “I have a single family home I lived in since 1995. I will be renting it out starting January 1st.https://mannadew.co.uk/wp-content/languages/new/levaquin.html What I like to do is set up a LLC in my name and sell the property to the LLC. Would this allow me to […]
Tag Archives: Real estate
Courtesy of IRS IR-2007-159, Sept. 17, 2007 [TaxMama note: This is a resource we requested from IRS at a Stakeholder meeting earlier this year. IRS put it together quickly, in view of all the sub-prime loan defaults. Incidentally, you will also find some simplistic formulae to help with your computations of the tax effects.] WASHINGTON […]
Courtesy of IRS – IR-2007-153 WASHINGTON — The Internal Revenue Service today announced the release of the summer 2007 issue of the Statistics of Income Bulletin, featuring data from 21.5 million individual income tax returns that reported non-farm sole proprietorship activity in tax year 2005. Profits from all non-farm sole proprietorships totaled $269.9 billion in […]
Today TaxMama hears from April in NJ who has this question.https://www.sinverrugasylunares.com/wp-content/languages/new/lexapro.html “We plan to buy a lot from our friend.https://www.sinverrugasylunares.com/wp-content/languages/new/cipro.html We are buying it for $150,000. Do we just pay him the $150,000? Or do we have to add our state’s 7% sales tax on to the price?”
By David & Mary Mellem, EAs Mr. & Mrs. Moore purchased real estate (vacation home) in 1988. This property was located approximately 3 hours from their principal residence. About 1996 they changed their principal residence to another city in the opposite direction from the vacation home. Due to the longer travel to get to the […]
RESEARCH FINDS MILLIONAIRES TURN THEIR ADDRESS BOOKS INTO CHECK BOOKS MORE THAN NON-MILLIONAIRES Use of Social Networks Dispels Myth that the Rich “Go it Alone” in Achieving Success 74% of Americans Want to Turn their Profits into Passions New York, April 26, 2007—Millionaires use social networks – ranging from the government and their alma maters […]
Today TaxMama hears from Angie in the Tax Parlor who says, “I purchased a manufactured home last year. Is the rent I’m paying on the land deductible in any way? I use Turbo Tax since it is more affordable for me and I don’t see this any where in there.” Hi Angie, Nope. Not a […]
Today TaxMama hears from Manny from the Tax Parlor has a question, “On the 1040, Schedule A, where do I put my closing costs?” ~~~~ Hi Manny Uh….nowhere. You can’t deduct your closing costs. However, some of the costs on the HUD statement that you may deduct include property taxes that were paid in escrow […]
Today TaxMama hears from Ronald in Tucson, AZ who asks: “Is it legal to sell my residence to my C corp and be exempt from capital gains tax?” OK, my friends, this is one of those questions we tax professionals look at, and cringe! Let me try to answer this one, briefly. OK? Well Ronald, […]
Today TaxMama hears from Sylvia from Aransas, Pass, Texas wants to know “Are maintenance fees on time shares deductible if you don’t generally itemize?”
Today TaxMama hears from Fred in NY who says, “I live in a co-op that is subsidized by the city in the form of a very low interest mortgage and reduced taxes. A consequence of this arrangement is that we do not build any equity in our shares. The corporation is now “going private” by […]