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I've seen the "2 out of 5 years" rule floating around, but I'm not sure I fully understand it. It sounds like you must have lived there for 5 years total, but at least 2 of them had to be your primary residence...The home in question was my primary residence for almost 3 years... View More 
answered on Mar 15, 2018
There are two independent tests that you have to meet: the "use test" and the "ownership" test. You have to meet both of them in order to claim the exemption.
Ownership Test: This means that you have to have owned your home for at least 2 out of the last 5 years.... View More
When I get correspondence from the mortgage company It says the estate of.....
answered on Jan 31, 2018
Hi,
No, you can't deduct mortgage payments or interest on mortgage payments from your own personal taxes. If you are paying the mortgage out of your own pocket make sure you keep good records because you are entitled to reimbursement for all expenses you front the estate. So if you... View More
She still owes on her house. We are going to pay it off. What about other bills? I was told to start sending the death certificate to bill collectors. She was taken to the hospital from work where she passed. Are they responsible for any of the bills? She was working for the local 99 union. She... View More
answered on Oct 9, 2017
I am sorry for your loss. Usually, if the estate has any real estate that was in her name and not held in a Trust, a probate will be required to transfer the home to the names of her heirs or to give you authority to sell her home. However, if you find that the back taxes owed, medical debts, and... View More
My business is looking to acquire a new client. The contract with this client would require me to spend some of that money to complete with the contract itself. Would I be OK to write off that money spent as a business expense, or would I be taxed on the complete income?
answered on Jul 18, 2017
Nearly any legitimate business expense can be discounted against revenues. I think you will need to be more specific on your question. If you are having to spend money to acquire new or specialized equipment or an upgrade of some sorts then absolutely.
I hope this helps.
Wes
answered on May 5, 2017
Yes and no. For instance, if I buy a car for my business, but I also use it day in and day out than I have to make a determination of how much I use it for business purposes (not including the first trip to the office/job site/location) and I can then write a certain percentage of that purchase... View More
We haven't lived anywhere but our current rental since we moved. We have been depreciating for taxes.
answered on Dec 31, 2016
I believe what you're looking for is called a Section 1031 "Like-kind Exchange." Here is an IRS publication on the issue that goes into the transaction a little https://www.irs.gov/uac/like-kind-exchanges-under-irc-code-section-1031
There are many practitioners who focus in... View More
I own a windshield repair business and i rent parking lots from business's. I pay thousands a month. How can i take it as a write off? Do i need to get their EIN or have them fill out a 1099 document?
answered on Jun 8, 2017
If you are running it as a sole proprietorship, then you don't need to get a separate EIN, you can just use your own Social Security number when you report your taxes. If your company is an LLC then you will already have an EIN and you will u se the EIN when you do your taxes.
Can... View More
Then after her death it just goes back to me. This is to show her ownership to get the property tax relief. I own the property, but she lives there and pays for everything dealing with the property.
answered on Oct 19, 2015
She probably needs to "own" the property in order to qualify for the tax exemption. See an attorney in your jurisdiction to find out the best way to accomplish this. A life estate is one possibility.
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