A document published by the Internal Revenue Service (IRS) that provides tax information for individuals who own residential properties that are rented out for income, either part of the year or all year. Typically, all income earned from rental properties is reported to the IRS, though the type of rental activity will alter which sections of the tax form that income is reported. IRS Publication 527 outlines how to account for property depreciation, what types of deductions can be made on rental income as well as what to do if only part of a property is rented. Because taxpayers may only rent one piece of a property or might live in that rented property for part of a year, such as with a vacation home, taxpayers should pay close attention to how rental income is treated for their situation by the IRS. Taxpayers who sell rental property should refer to IRS Publication 544 (Sales and other Disposition of Assets) or IRS Publication 523 (Selling Your Home).
A document published by the Internal Revenue Service (IRS) that provides information on how a taxpayer can claim deductions for charitable contributions. IRS Publication 526 outlines the types of organizations that qualify for charitable deductions, the amount of contributions that can be deducted from a tax obligation, how to report contributions and the type of contributions that qualify. Organizations that qualify for tax deductions are non-profit groups, including scientific, educational, charitable and religious organizations as well as those dedicated to preventing cruelty to children or animals. Itemized deductions for charitable contributions must be made in Schedule A on Form 1040. Most organizations will be able to tell you whether contributions made to them will qualify for a deduction, however IRS Publication 78 also lists most organizations that qualify to receive tax-deductible contributions.
A document published by the Internal Revenue Service (IRS) detailing what types of income taxpayers should consider taxable or nontaxable when filing a return. IRS Publication 525 outlines how employees are to treat income from retirement plans, stock options and fringe benefits; how certain employee types, such as military personnel and clergy, report income; how to report income from business partnerships or investment real estate; how to treat disability, sickness and other benefits. A taxpayer's income can come from a number of sources other than regular employment, and can include exchanges of property or even bartering. Unless a type of income is specifically exempted from taxation by law, it will be considered taxable income.
A document published by the Internal Revenue Service (IRS) providing information about the tax credit available to the elderly or the disabled. Qualifying individuals are U.S. citizens or resident aliens over the age of 65 or retired on permanent and total disability. Nonresident aliens may be eligible for the credit if they are married to a citizen or resident alien. Married couples typically have to file a joint tax return in order to qualify. Depending on a taxpayer's filing status, the amount of adjusted gross income (AGI) or nontaxable Social Security and pension can prevent the credit from being given. An AGI or nontaxable pension or Social Security income of above specified income limits disqualifies a taxpayer.
A document published by the Internal Revenue Service (IRS) that details the rules covering how gains from an installment sale are to be reported. Taxpayers who sell property using the installment method receive at least one payment in a later tax period, and may report part of the gain from the sale when the payment is received. When reporting gains using Form 6252 (Installment Sale Income), the taxpayer indicates the income from the gain on the sale as well as any interest received during the year in which payment is given. Property can include real estate but does not include inventory; people who regularly sell personal property ("dealers") are not permitted to use the installment method. Taxpayers do not have to use the installment method when selling property, and can choose to report all of the gain in the year of the actual sale. The installment method cannot be used if a loss was taken on the sale. If a loss was taken on an installment sale it can only be deducted in the year that the property was sold.
A document published by the Internal Revenue Service (IRS) that provides information on which documents to keep on file and for how long, for tax filing purposes. The IRS suggests keeping accurate records in order to identify sources of income, keep track of expenses and to be able to back up information provided in the tax return. IRS Publication 552 does not indicate the method of record keeping. Keeping accurate records and having those records readily accessible makes tax filing easier, and is essential for setting the appropriate cost basis for the sale of investments and property. IRS Publication 552 outlines the type of records that individual taxpayers should keep, not businesses. Refer to Publication 583 for business record keeping.
A document published by the Internal Revenue Service (IRS) that outlines how to determine the cost basis for investments, real estate and business assets. The basis is used to determine what gain or loss is realized from a sale, and represents the cost of the investment or property. It is also used to determine depreciation and amortization for a piece of property. The basis for a piece of property is typically the purchase cost, however the basis may increase over time if the owner makes improvements to the property. For investments, such as stocks and bonds, the cost basis also includes trading fees. More information on establishing the cost basis for investments can be found in IRS Publication 550.
A document published by the Internal Revenue Service (IRS) that provides information on how investment income and expenses are to be treated when filing taxes. IRS Publication 550 explains what investment expenses are deductible, when gains and losses from the sale of investment property are to be reported and what type of investments are considered taxable. Investors who purchase U.S. property from a foreign individual or firm may be required to withhold income taxes. In addition, U.S. citizens must report income earned on foreign investments, even if a Form 1099 was not issued. This is explained in more detail in IRS Publication 515. Special tax rules apply to employees who exercise stock options. More information is provided in IRS Publication 525.
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