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We bought the house in May,2013 as our primary home. During
Second opinion] We bought the house in May,2013 as our primary home. During 2014-2017 we remodel the basement (add family room, bedroom, bathroom and kitchen area) and finalize permit in Jan.2017. In … read more
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Before 2018, my business was a joint venture between my wife and I. We were taking the home deduction. We were also depriciating our home office. For 2018, we changed the business to an S-corp. We add… read more
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My wife and I rent a home. It has a garage that was
Second opinion] My wife and I rent a home. It has a garage that was converted long ago to a hobby room. We had water damage to this room in 2018 and received an insurance settlement of $7,000. This wa… read more
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My wife and I rent a home. It has a garage that was
My wife and I rent a home. It has a garage that was converted long ago to a hobby room. We had water damage to this room in 2018 and received an insurance settlement of $7,000. This was for replacing … read more
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Home office deduction. I have a home business and use 90% of a home office including the main desk counter, the cabinets, separate storage cabinet, separate big chair, and all the floor space and wall… read more
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Our shop is an LLC. We have quickbooks. I have always put
Second opinion] Our shop is an LLC. We have quickbooks. I have always put the personal rent and utilities under the shareholder acct. Are we doing this correctly? Last year we ended ups paying IRS $75… read more
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I have a bonus room and garage that I want to convert to a
I have a bonus room and garage that I want to convert to a small one bedroom and the rent it out on Airbnb can I write off all of those expenses? … read more
emc011075
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I have a home office that I use for business activities
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I wish to lay new flooring in my property that I am listing
I wish to lay new flooring in my property that I am listing on airbnb, would that be considered a reasonable expense for tax purposes ?… read more
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Lane, today's question: For the purpose of adjusting the
Hi Lane, today's question: For the purpose of adjusting the basis of the home to determine capital gain, I heard somewhere that not all improvements will count. What I'd like to confirm is which of th… read more
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I have a few roommates in my house where I live. Rather than
I have a few roommates in my house where I live. Rather than calculating spaces occupied by them, depreciating that much portion of the house, deducting associated utility usage cost, If I just figure… read more
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CGT question. Suppose we sell our residential house (bought 1986), where 1 room has been set aside for a home business since around 1995. We don't claim rates or water, as we were advised a few years … read more
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I own a SFR rental property (currently rented) in which I am
I own a SFR rental property (currently rented) in which I am repairing & renovating certain items this year. Would you advise on the deduction or depreciation for the following items? 1. Re-tiled mast… read more
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I want to file for a home office deduction. I have a full time
I want to file for a home office deduction. I have a full time job and I own a sole proprietorship. I use a 100 ft. room in my home's unfinished basement exclusively for storing shipping supplies for … read more
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I HAVE MY OWN CHILD CARE HOME FOR THE PAST 27 YEARS .. THIS
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