How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Phillip B, EA Your Own Question
Phillip B, EA
Phillip B, EA, Enrolled Agent
Category: Tax
Satisfied Customers: 704
Experience:  Practicing since 2004. Expert in 1040, small business, represent vs. IRS, & int'l tax mattters.
Type Your Tax Question Here...
Phillip B, EA is online now
A new question is answered every 9 seconds

If you buy commercial property, and run a business from it.

This answer was rated:

If you buy commercial property, and run a business from it. what is you tax responsibility?
Thanks for using! I will do my best to provide you with a clear and concise answer to your tax question based on the information that you have provided.

If you are running a business, your tax responsibility is to accurately report your gross income and deductible business expenses of that business on your tax return and to pay all the income, self-employment, and employment (if any) taxes associated with that business.

IRS Pub 535 -- Business Expenses:
IRS Pub 334 -- Tax Guide for Small Business:

If there are additional questions or concerns, or additional information, please reply to this answer so that I may assist your further. If this answers your question, please rate my performance between OK and Excellent so that I may receive credit for my work. Thanks for your business.
Phillip B, EA and 4 other Tax Specialists are ready to help you