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By month:October 2007

Tax Guide for Debtors on Foreclosure of a Home

Tax law treats foreclosure as a sale of your home. If you sell your home, you have a gain or loss. Most gains are taxable. Losses on a foreclosure or other sale of your personal home are not deductible.


Tax Guide for Debtors on Foreclosure of Rental Property

Tax law treats foreclosure on your rental property as a sale of your rental property. When you sell a rental property, you have a capital gain or loss, or a Section 1231 gain or loss. This differs from a home.


IRS Audit of Rental Properties

The ability to deduct rental property losses can alter investment returns by as much as 40%. In many cases, the ability to deduct the losses can make the sole difference in making a profit or incurring a loss on the rental.

Tax Guide for Vacation Rentals

If you own a condominium, cottage, cabin, lake or beach home, ski lodge, or similar property, tax law might consider your property a hotel. The purpose of this article is to alert you to the tax issues that surround a vacation-home hotel.

Tax Quiz—Are You a Stock Dealer, Trader, or Investor?

As a person who buys and sells stocks, you will see a huge difference in how the law treats you if you’re a dealer, trader, or investor.

1099s Tell Story on Dentist

Steven Olmos thought he could slip past the IRS when he changed states. It is not very complicated: the IRS knows if you do not file taxes.

Court Rules Horse Activity Is Advertising Component of Design Business

Tracy Topping saved $251,462 in taxes when she proved that her horse activity was not a hobby, but a promotional tool for her business.

Court Declares $68,796 Rental Loss Passive

To win your rental property deductions you need proof of the time spent. This taxpayer had inadequate proof.

Dealer or Investor?

Dealer versus investor tax status is a heavily litigated issue. Choosing between dealer or investor status is often a tough call, as is in the case of this taxpayer. There can be a huge tax difference between classification as a dealer or classification as an investor.


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