Taxable Income Archives - Page 15 of 19 - FREE Yourself from IRS Problems

Shamsey Oloko February 24, 2016 Business Expense, Business Expenses, Deductions, Expenses Deductions, Ordinary and Necessary Expenses, Taxable Income 0

Who qualifies as a real estate professional for tax purposes?

Issue Who qualifies as a real estate professional for tax purposes? More specifically, how does a taxpayer establish that he or she materially participate in rental activities, so that the rentals become non-passive, and any losses can be used without…

Shamsey Oloko February 23, 2016 Civil Liabilities, Debt Cancellation, Deductions, Income, Taxable Income 0

Relating to the allocation of partnership liabilities and the tax implication of a foreclosure

Issue What is the allocation of partnership liabilities and the tax implication of a foreclosure? Related Tax Rule or Regulation Internal Revenue Code Section 465 Internal Revenue Code Section 704 Internal Revenue Code Section 731 Internal Revenue Code Section 752…

Shamsey Oloko January 26, 2016 Form 1040, Income, Tax fraud & evasion, Taxable Income 0

REPORTING GAMBLING LOSSES AND INCOME

Americans love to gamble. Humans love to gamble for that matter. Whether you bet on football, play poker or bet on the horses, your winnings are taxable and you must report them on your tax return. The rules apply even…