Selling Trade or Business Property? Know the Tax Effects
Many rules can potentially apply to the sale of business property, but what are the tax consequences? For simplicity, let’s assume that the property you want to sell is depreciable …
Selling capital assets? Beware of the Wash Sale Rule
If you’re planning to sell capital assets at a loss to offset gains you realized during the year, beware of the “wash sale” rule. Under this tax rule, selling stock …
Tax Implications for Renting Your Home
If you’re fortunate enough to own a vacation home, you may want to rent it out when you’re not using it. But how might that affect your taxes? The answer …
Large Cash Business Transactions and IRS Reporting
If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS. Requirements Each person who, while operating a trade …
Passport at Risk When High Tax Debt Looms
If you have a large unpaid federal tax bill, beware. A 2015 law allows the U.S. State Department to deny your passport application — or revoke or limit your current …