Tax Pro Plus
2999 Overland Ave.
Suite 204
Los Angeles, CA 90064
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Ph: (310) 827-4829
Fax: (310) 842-7160
info@taxproplus-la.com
- Tax Break for Sales of Inherited Homes
- People who inherit property are often concerned about the taxes they will owe on any gain from that property's sale. After all, the property may have been purchased years ago at a low cost by a deceased relative but may now have vastly appreciated in value. The usual question is: “Won't the taxes at sale be horrendous?”
- Family Home Loan Interest May Not Be Deductible
- It is not uncommon for individuals to loan money to relatives for the purpose of buying a home. In those situations, it is also not uncommon for a loan to be undocumented or documented with an unsecured note. Interest on unsecured or unperfected qualified residence debt is not tax deductible.
- Local Lodging May Be Deductible
- A business deduction is allowed for lodging when a taxpayer travels away from his or her “tax home.” A taxpayer's tax home is generally the location (such as a city or metropolitan area) of a taxpayer's main place of business (not necessarily the place where he/she lives).
- Turning 70 1/2 This Year?
- If you are turning 70 1/2 this year, you may face a number of special tax issues. Not addressing these issues properly could result in significant penalties and filing hassles.
- Will the Interest on Your Vehicle Loan be Deductible?
- Whether or not the interest you pay on a loan to acquire a vehicle is deductible for tax purposes depends how the vehicle is being used (for business or personal purposes), the tax form on which the expenses are being deducted, and the type of loan.
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