Do you rent equipment or buildings to your business?

If yes, you will find this article of particular interest.

First, here’s the result of this case: Joseph Veriha had to pay $258,785 in additional income taxes for the one year before the Tax Court because he got the self-rental and passive loss rules wrong.1

The damage could have been worse, perhaps much worse, had the IRS attacked the gains and losses in each of the 191 individual leases as it should have according ... Log in to view full article.