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How do I report a lot of sale on my taxes?
According to Internal Revenue Service publication 544 , “Sales and Other Dispositions of Assets,” you must report the sale of vacant land as a capital gai...
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What is a commercial property type?
Commercial property includes office buildings, medical centers, hotels, malls, retail stores, multifamily housing buildings, farm land, warehouses, and ga...
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Who will take care of me when my parents die?
A legal guardian, or conservator, is an adult who has the legal authority to care for a child should the natural parents die before the child reaches adul...
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How does a LLC get taxed as a corporation?
To elect Corporation status, the LLC must file IRS Form 8832 – Entity Classification Election. An S corporation is a type of corporation, not a separate t...
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How do I file a tax return for a minor child?
Underage children, toddlers or students with a source of income are as a mandate to report to the income tax department and pay relevant taxes. There is n...
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Can my tenant work from home?
In most cases, the answer should be ‘yes’. If they are working for their employer from their living room via computer for say, three days per week, this i...
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How much do you get for claiming a elderly parent?
The amount of qualifying expenses increases from $3,000 to $8,000 for one qualifying person and from $6,000 to $16,000 for two or more qualifying individu...
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What are the symptoms of trust issues?
Here are several signs that you have trust issues: You assume betrayal. You await betrayal. You are overly protective. You distance yourself from others. ...
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What is considered short term capital?
A short-term capital gain occurs when an investment is sold that’s been held for less than one year, such as a stock. These gains are taxed as ordinary in...
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Can I use a vacation as a tax write off?
The IRS states that travel expenses are 100% deductible as long as your trip is business related, you are traveling away from your regular place of busine...
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