TaxAudit Blog

How do I write off solar panels for rental properties when I claim as a real state professional to run a rental business?

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Rentals are considered to be special passive activities and the amount of loss you can use in any year is limited to $25,000, if your AGI is under $100,000.

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Whether you use your second home for personal or business purposes, the interest you pay on the mortgage may very well be deductible on your tax return.

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HOA fees are not deductible for a property used as your private home all year. But there may be a deduction for those who use their home for business purposes.

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Is investing in real property, particularly rental property, a good idea for your retirement investments, especially your traditional IRA or Roth IRA?

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The answer to “Can I Deduct Property Taxes?” is not simple. Hopefully, this article will give you a better understanding of when you can deduct property taxes.

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If your rental property is incurring losses, those losses may be limited on your taxes based on other income you receive. Let's explore more.

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Trade or business property is considered section 1231 property. For taxation purposes, section 1245 or 1250 applies depending on the property’s characteristics.

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I inherited a property located in foreign country from non-US relative, do I need to file 1099-S? I did not receive 1099-S since the property is not in USA.

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When you inherit real property, like a home, then for tax purposes the beneficiaries receive what is called a “stepped-up” basis.

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Real Estate taxes might be deductible on your personal or business taxes, it depends on your situation. Let's start by looking at the tax assessor’s bill.

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You can deduct certain state and local taxes (SALT) if you choose to itemize deductions on your tax return rather than claiming the standard deduction.

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In regard to the personal home mortgage interest deduction on the Schedule A, the answer is yes, but only if certain criteria are met.

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My boyfriend and I are buying a house together, and the property includes a rental apartment above the garage. How should we report our rental income?

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I inherited a home in 1988 from my father. I sold that home during the 2014 tax year at a gain. I did considerable renovations on this property...

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Tired of feeling like the government is taking your last penny? Having trouble making ends meet? There is a solution – provided you are willing to move.

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