| Recent Answers from Helen P. O`Planick, EA |
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2008-08-28 Regarding per diem: The address thing - sure. The perdiem, as long as the job is less than a year (not in reality, but truly), his perdiem is not taxed. HOWEVER, the second the job is found to go a year or more (and...
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2008-08-27 How to deduct passive rental property losses from SE tax.: The ONLY reason to be a RE pro is so that your losses are not limited. That is all. NEVER does a rental (unless you are in the business of renting ladders, etc) go on a Sch C. It ALWAYS goes on Sch...
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2008-08-27 How to deduct passive rental property losses from SE tax.: Charlie, look at a 1040. Sch C is one line, Sch E is another. C and E offset. SE is NOT offset by Sch E losses. So you can have a Sch C with $5000 in income, rental losses of $5,000, owe no INCOME...
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2008-08-26 1099: Your husband has been classified incorrectly and he will not only owe income tax, he will owe 15.3% of his income for social security taxes. So figure maybe 30-40% of his income going to taxes. The...
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2008-08-26 How to deduct passive rental property losses from SE tax.: You don't reduce your SE income by rental properties. They are totally separate. Your rental losses, if you are considered an RE pro, are allowed no matter what your AGI is. So it can offset the...
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