Apr
9
I have a IRS lien filed against my Real Estate. How long do I have before the property is placed for auction?
April 9, 2009 | 6 Comments
FineArt1983 asked: A lien was recently [July, 2007] placed by the IRS against a piece of Real Estate in New York that is owned by an Estate that I am the Executor of.
How long do I have from the time the lien was placed by the IRS to the time that the IRS forces the [...]
Apr
7
I’m a 2nd year real estate agent, how much is a reasonable amount in business expense write offs?
April 7, 2009 | 2 Comments
mcurry81 asked: I’ve made less this year than last in my real estate business because the market is really bad right now. I have much more in business expenses though. I don’t want to be audited, just wondering if anyone out there with experience knows what a reasonable amount in expenses for just having one [...]
Apr
1
How/where to deduct real estate training fees on taxes?
April 1, 2009 | 4 Comments
DJP asked: I plan on getting a real estate license for the education and qualification when managing my private real estate investment career.
Where/how do I deduct these costs on my taxes? Eventually I’ll set up a real estate company where I could deduct them, but that won’t be set up for a while.
Thanks.Missoula MT [...]
Mar
24
If I claim to be a real estate professional for tax purposes, is my income subject to FICA?
March 24, 2009 | 1 Comment
capn bob asked: I qualify as a real estate professional for tax purposes. I own and manage over 25 rental properties. I have not claimed that status in the past. I have recently married and my husband has retirement and investment income in excess of the maximum income amount allowed under the [...]
Mar
1
Tax break for buying new home?
March 1, 2009 | 2 Comments
Wondering asked: Apart from the interest payment deductions. Are there any other tax breaks for buying a home ? I bought a brand new home in 2007 and it has all the energy efficient appliances, can I claim deductions for that ? The builder put them in and was included in the price of the [...]
Feb
27
How do deduct real estate taxes on 1040a?
February 27, 2009 | 4 Comments
petersruby20 asked: I purchased a home in October, 2007. My monthly mortgage payment includes my county, state, and school taxes (they are placed in Escrow).
Apparently my tax payments will be paid out of escrow in April, May and August of 2008.
Does that mean that I can not claim real estate for my 2007 return?
(At [...]
Feb
15
How do you know if you can claim Real Estate Professional?
February 15, 2009 | 3 Comments
Jenga asked: I don’t want to get audited by the IRS but I hear that Real Estate Professional - non passive activity is a big issue - can you tell me what the IRS will question and look for if I claim Real Estate Professional, do they require anything when you are audited? Please [...]
Feb
10
Can I deduct real estate taxes in NY from more than one home on my federal tax return?
February 10, 2009 | 5 Comments
Albert T asked: I bought a new house and havent sold the first one yet? Can i deduct mortgage interest from both? What about real estate taxes? Both houses are in NY city.Semi truck parts