Tax Pro Plus
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Los Angeles, CA 90064
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- Tax Treatment of a Room Rental
- With the shortage of affordable housing these days, many homeowners are renting out rooms in their homes, providing themselves with some additional cash. Questions that are often raised in regard to room rentals include: Is the income taxable? If so, how is it reported? What deductions are allowed? Can a loss be claimed? Answers to these questions follow.
- Foreign Account Reporting Due April 15
- All United States entities (including citizens and resident aliens, as well as corporations, partnerships, and trusts) that have financial interests in or authority over one or more foreign financial accounts (e.g., bank accounts and securities) need to report these relationships to the U.S. Treasury, provided that the aggregate value of those accounts exceeds $10,000 at any time during the year. Failure to file the required forms can result in severe penalties.
- Last Minute Payments and Filing Tips
- If you are up against the April tax filing deadline and still need some information to complete your tax return, you can obtain a six-month automatic extension to file your 1040.
- Tax Reform Muted the AMT: Holders of Incentive Stock Options, Take Note
- Although Congress, as part of the recent tax reform, promised to do away with the alternative minimum tax (AMT), it only did so for C corporations; as a result, the AMT still applies to individuals.
- Court of Appeals Rules for Clergy
- If you read our previous article related to a Wisconsin District Court ruling, you will recall that the judge in that case had ruled that Sec. 107(2) of the Internal Revenue Code was unconstitutional.
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