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Can not pay large rental expense in one year how long can i claim it as expense on taxes?
Obviously, you must be speaking about a business rental expense..as that is the only type that may be deductible anyway. Most small business are on cash basis reporting, and it is ONLY expensable when you pay it, regardless of when incurred. Otherwise, it may be an accrued expense, subject ot certain payment and acrual accounting requirements, and taken according to those rules. It may even cause you to have a loss for the year, which would be a carryforward or back benefit.
What else can I help you with?
Can you claim plumbing repair expenses on your taxes on a rental property?
Yes. You claim income that you receive in addition to expenses like repairs, insurance, property taxes, depreciation, etc. This is the case with me assuming that you are the owner of property that you rent to others and not rental property where you are the tenant.
Do you claim rent on income taxes?
Residential rent is not deductible. You can deduct any rent used for business purposes such as office rental, equipment rental, vehicle rental, etc.
Can you claim street clothes on your taxes?
can you claim street clothes on you taxes
Is interest paid on promissary note tax deductible?
We are holding a promissary note, on a sale of a rental. Will the people owing the money to us be able to claim the interest on their taxes?
Are federal taxes paid as a business expense?
No
Can you claim therapy expenses on your taxes?
Yes, you can claim therapy expenses on your taxes as a medical expense deduction if they are considered necessary for the treatment of a diagnosed medical condition.
Can you claim your home on your taxes if you are not residing there?
claim your home as what? if you are asking if you can deduct the interest and r/e taxes - on a second home then - yes.if it is a rental - that is a whole other situation.
What can I do to help me reduce my taxes on my rental properties Are there any deductions I can make?
If you upgrade your rental property at all you can claim that on your taxes. You can treat the rental just like you would your home, so all of the deductions that you qualify for on your own home, you may qualify for on the rental.
Can you claim plumbing repair expenses on your taxes on a rental property?
Yes. You claim income that you receive in addition to expenses like repairs, insurance, property taxes, depreciation, etc. This is the case with me assuming that you are the owner of property that you rent to others and not rental property where you are the tenant.
Do you claim rent on income taxes?
Residential rent is not deductible. You can deduct any rent used for business purposes such as office rental, equipment rental, vehicle rental, etc.
Can a claim of loss of income be made on your federal income taxes for rental income because the hotel providing major amenities closed for part of the year causing rental income to be lost?
Loss of income is not an expense, and can not be claimed as an expense, because there are no taxes levied against income that does not exist. There is no guarantee that the income would occur either. Your actual out of pocket and related expenses (amortization, fees, other normal business expenses) for the rental property are deductible. I would suggest that you consult a tax adviser since there are rules regarding which expenses are deductible based upon whether this is an active, or passive investment.
How can I deduct rent as a business expense on my taxes?
To deduct rent as a business expense on your taxes, you need to ensure that the rent is for a property used for business purposes. Keep records of your rental payments and include the amount on your tax return as a business expense. Be sure to consult with a tax professional for specific guidance on deducting rent for your business.
What are the requirements for claiming a travel expense deduction on my taxes?
To claim a travel expense deduction on your taxes, you generally need to show that the expenses were necessary for your job or business, were not reimbursed by your employer, and were properly documented. Keep receipts and records of your expenses to support your deduction.
Can I claim attorney fees on my taxes?
In general, you cannot claim attorney fees on your taxes unless they are related to certain types of income, like business or rental property. It's best to consult with a tax professional for specific advice on your situation.
Can you claim mortgage interest on income taxes on your NY home and live in Florida?
On your federal income taxes, you are allowed to claim a mortgage interest deduction for your principal residence and one other residence of your choice. It does not have to be in the same state. In addition, you are allowed to claim the interest on all rental or business properties.
How do you claim your business listed?
You would claim your business listing on your next years taxes through itemizing it when you list all your other business expenses. You must be able to prove this expense so keep your receipts.
Can I claim lawyer fees on my taxes?
Yes, you may be able to claim lawyer fees on your taxes as a deductible expense if they are related to certain types of legal matters, such as those related to earning income or managing investments. It's recommended to consult with a tax professional for specific guidance on your situation.
