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I've read so much that seems conflicting. Here's the scenario:Rental property - owned 35 years, rented the last 30 years.Last year we sold it. However, the last renter (successful 29 years, burned badly last year) pretty much destroyed the place. We ... read more
jeanne17 ‎Posted 2 weeks ago | Latest post 2 weeks ago by tagteam
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Per IRS Instructions, a not-for-profit rental home that has not had a loss in the past 5 years is considered a "for-profit" rental. However, T Tax asks me to enter the number of days that the home was rented out at fair market value (which is 0) and ... read more
taxed24 ‎Posted 3 weeks ago | Latest post 3 weeks ago by Hal_Al
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I’m a non-CA resident with an out-of-state primary residence since 2021. Back in 2011, I inherited a home in CA with my sister and rented the joint property until 2016. After bad tenant experiences and home theft between leases, we decided to have my... read more
Taxquestion23 ‎Posted 8m ago
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I've tried to change it many times but the state is not available info that I can change. I uploaded my 1099 as a PDF
cdburnett44 ‎Posted 13m ago | Latest post 7m ago by xmasbaby0
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I purchased a large van (over 6000lb) in June 2019 for $25,100 and used it for 84.75% business that year. For 2019 federal taxes, I chose the special depreciation allowance of 100%, which calculated to $21,272 based on business usage. Am I correct in... read more
kaijumoto ‎Posted 28m ago | Latest post 14m ago by tagteam
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We held a fundraising dinner for my son who was involved in a serious accident. Everything was donated for the dinner and tickets to the dinner were sold on Eventbrite. We received a payment from Eventbrite, but not a 1099-K. I'm assuming this money ... read more
Lisa5396 ‎Posted 29m ago
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Hi, If I receive a 1099NEC for work I did for “under” $600, do I “pay taxes” on it as a independent contractor? Thanks!
Cv771223 ‎Posted 35m ago | Latest post 23m ago by VolvoGirl
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