... expenses, such as the cost of painting and carpeting a room used exclusively for business, A proportionate share of indirect expenses, including mortgage interest, rent, propertytaxes, utilities, repairs ...
As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable property. If so, you may benefit from the Section 179 depreciation ...
... benefits are often part of a divorce property settlement. In these cases, the commonly preferred method to handle the benefits is to get a “qualified domestic relations order” (QDRO). This gives one spouse ...
... capital gains and losses on Schedule D. The “final return” box must be checked on Schedule K-1. All Businesses. Other forms may need to be filed to report sales of business property and asset acquisitions ...
... is worth. Because donations to charity of cash or property generally are tax deductible for itemizers, it may seem like donations of something more valuable for many people — their time — would also ...
... rule limiting like-kind exchanges to real property that is not held primarily for sale (generally no more like-kind exchanges for personal property) New limitations on deductions for certain employee ...
... used for assets such as equipment, furniture and software. Beginning in 2018, the TCJA expanded the list of qualifying assets to include qualified improvement property, certain property used primarily ...
... tax benefit if you donate long-term appreciated stock instead of cash? 2 benefits from 1 gift Appreciated publicly traded stock you’ve held more than one year is long-term capital gains property. If ...
... W-2 wages plus 2.5% of the cost of qualified business property (QBP). When the wage limit applies but isn’t yet fully phased in, the amount of the limit is reduced and the final deduction is calculated ...
Many Americans relocate to another state when they retire. If you’re thinking about such a move, state and local taxes should factor into your decision. Income, property and sales tax Choosing a state ...
... specifics for businesses Records substantiating costs and deductions associated with business property are necessary to determine the basis and any gain or loss when the property is sold. According to ...
... 2018 tax return. Examples include charitable donations, medical expenses and property tax payments. But remember that some types of expenses that were deductible on 2017 returns won’t be deductible ...
... various home-related tax breaks for 2017 vs. 2018: Property tax deduction. For 2017, property tax is generally fully deductible — unless you’re subject to the alternative minimum tax (AMT). For 2018, ...
If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2017 federal income tax return. For 2018 through 2025, however, the Tax Cuts ...
... property. For stocks and bonds held one year or less, inventory, and property subject to depreciation recapture, you generally may deduct only the lesser of fair market value or your tax basis. Long-term ...
If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep this tax break in mind in your property ...
... and AMT purposes — for 2017 and 2018 New $10,000 limit on the deduction for state and local taxes (on a combined basis for property and income taxes; $5,000 for separate filers) Reduction of the mortgage ...
... deduction to 7.5% for regular and AMT purposes — for 2017 and 2018 New $10,000 limit on the deduction for state and local taxes (on a combined basis for property and income taxes; $5,000 for separate ...
... real estate can provide additional benefits. For example, if you’ve held the property for more than one year, you generally will be able to deduct its full fair market value and avoid any capital gains ...
... what expenses you can deduct depends on how the home is classified for tax purposes, based on the amount of personal vs. rental use: Rental property. If you (or your immediate family) use the home ...