22Sep
gisbize asked:
If you own a company and the company pays home office rent, does the company have to 1099 the owner? In other words, I assume the office rent is rent exp to the company and the monies rec’d by the owner is rental income. How is the rental home rent income classified on the personal tax return.
Tags: Income Tax, Monies, Personal Tax Return
06Sep
Curious G asked:
I have a retail commercial property. It has 3 store fronts and all three are rented out. I was wondering if I can make extra payments from my personal income toward the property’s mortgage and use the interest paid toward lowering my taxable income on my personal income?
Tags: Extra Income, Mortgage Interest, Retail Property
27Aug
WENDELL H asked:
my mother is 93 plus years of age. she owns commercial property free and clear. professionally appraised at $150,000.00 if she sells it how is she taxed and to avoid the tax what is the best avenue to take?
Tags: Capital Gains, Illinois Capital, State Of Illinois
18Aug
G Steezy asked:
I am a college student and have been paying rent for the last four years. The tax return for this year has me getting less rent back than last year even though I paid more rent this year. How is this possible? I have all the Certificates of Rent paid and I see that they are all multiplied by 19% to come up with a number. Should I not get that much rent back? Seems a bit strange. Can someone help me out?
Tags: Certificates, College Student, Rent
17Aug
nona asked:
Son recently started receiving disability, and part of the “contract” is for him to pay rent to me. Nothing has changed except that he gets money from SSA, and then he pays rent. He doesn’t work, and I assume he will not be filing taxes himself. I am assuming he will no longer be my dependent. I just want to know what to anticipate with this new monthly money coming in and how it impacts my taxes.
Tags: Disability, Ssa, Taxable Income
05Aug
drunkpunkbc asked:
About 9 years ago I purchased a commercial property where I had a business downstairs and lived upstairs. The business closed about 6 years ago and I am still living upstairs. The building/property is considered Commercial, Mix use and is deeded my Maiden name. We now have it up for sale. Me and my husband are looking into purchasing a new home. If we purchase a home can I still get the new home owners tax credit?
Tags: 6 Years, Purchasing A New Home, Tax Credit
28Jul
tallthino asked:
If I decided to sell some commercial property that I’ve owned for 20 years would I have to pay capital gains tax or just income tax on the proffit?
Tags: Capital Gains Tax, Income Tax, Proffit
25Jul
tru_belle asked:
I need to know if I can deduct the mortage payment on a business. Our business mortage is a commercial loan and only the business is on it. Or, is only the interest on the business deductable. If so, would it be in our best interest for the business to rent from us this year?
Tags: Business Loan, Commercial Loan, Loan Business
23Jul
Bali asked:
I bought a commercial property last year and would like to depreciate it for tax purposes. Do I have to depreciate on the price that I paid or can I depreciate on the fair market value of the property. My insurance is charging me for a replacement value of $485,000 while I paid $225,000.
Tags: Fair Market Value, Property Insurance, Replacement Value
16Jul
relocated asked:
I own a house in CA and am considering relocating to another state for a job. If I keep the CA house and rent it out, then pay rent for a place in the other state, will I be taxed on rental income? In effect my paying rent is an expense against the income from the rent I receive, no? Assume the rent I pay is equal to the rent I receive, and assume this is also equal to my mortgage + property taxes. Thanks.
Tags: House Rent, Mortgage Taxes, Rent House
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