If you are making money off the sale of investment property you will probably owe capital gains. The adjusted basis on the property will be very important – remember to add capital improvements which minimize the amount of gain you realized.
Can you write off a loss on the sale of investment property?
Taxes and the sharing economy: 3 FAQs
If you're providing services in the sharing economy, you are probably very focused on the money-making opportunities. This is true whether you're renting out your house, driving for Lyft or Uber, or providing some other on-demand service arranged over an online platform.
3 tax tips from Fortune 500 companies
A recent report by the Institute of Taxation and Economic Policy is calling a number of Fortune 500 companies to task. The report alleges that a number of these companies paid nothing in taxes in recent years.
Pairing tax incentives: Sixth Circuit finds for taxpayers
There are two ways to structure a transaction. One carries a lower tax burden. You decide to use that one. The IRS cannot later force you to use the other one. In the recent case, two brothers combined two tax incentives – one common and one obscure – to limit their taxes.
Responding to a Massachusetts Notice of Insufficient Return
The Massachusetts Department of Revenue often works in coordination with the IRS. An audit of a federal tax return may trigger a DOR Notice of Insufficient Return (NIR).
Reporting requirements cut into foreign investments returns
U.S. citizens are taxed on worldwide income. To collect on these taxes, the IRS requires annual reports disclosing foreign financial assets. What triggers the reporting requirements? It varies on the type of asset and amount in an account.
Business deduction mistakes that trigger penalties
Challenging an IRS determination can take years. If not successful, you may also face an accuracy-related penalty.
Tax disputes and you: Five fundamental rights
The phrase "fundamental rights" likely evokes images of civil rights marches and women's rights protests. The term is not likely to create images of tax forms, but maybe it should.
Self-employment tax and S corporations
Make a mistake with the choice of entity or contract terms when starting up a company and it could have serious consequences down the road. A warning comes in the form of a tax court case decision at the end of December.
How willfulness increases FBAR penalties
The Offshore Voluntary Disclosure Program (OVDP) is not a given. You must apply to take part and then be accepted into the program.
