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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