Taxes
Latest in Taxes
Understanding Repairs vs Improvements: Capitalization and Deduction Rules
IRS rules clarify repairs versus improvements for US property taxes. Repairs are immediately deductible; improvements depreciate over years. Small taxpayers…
Criteria for Depreciating Property in Business or Income Activities
Immigrants can reduce taxes by depreciating business property costs over time using IRS MACRS rules. Report annually with Form 4562…
Understanding Adjusted Basis: Increases and Decreases Explained
The adjusted basis calculates property tax gain or loss, including purchase costs, capital improvements, and depreciation. It impacts homeowners, investors,…
Tax Rules for Property Received in Exchange for Services Rendered
When property is received for services, taxpayers must include its fair market value in income. The Section 83(b) election enables…
Green Card Holders Who Naturalize Risk Losing Citizenship Over Tax Under-Reporting
Effective July 2025, intentional tax under-reporting threatens citizenship for green card holders and new citizens. USCIS and IRS jointly enforce…
How to Allocate Cost Basis Between Land and Buildings in Real Property
For immigrants and investors, cost basis includes purchase price, mortgage assumed, and specific fees, divided by fair market value between…
Understanding Property Basis and Cost Basis for Tax Purposes
Understanding basis and cost basis is vital for U.S. property taxpayers including owners, immigrants, and investors. It details calculation methods,…
Comprehensive Guide to Reporting Other Gains, Income, and Taxable Events
Immigrants and U.S. residents must report all income types, including unemployment benefits and business property sales, using IRS forms 4797,…