Keep, Rent Out, or Sell Your Vacation Property
The value of vacation properties, like the value of principal residences, has fallen on average by 25% in this dismal housing market. The number of sales has plummeted as potential buyers are squeezed in a tough economy by stock market declines and fears of job loss. More
Latest Headlines
IRS Releases Audit Guide on Hobby LossesFree
When you engage in an activity without having a profit motive, deductible losses from the activity each year cannot be greater than income from the activity. The IRS has now released an audit technique guide for its agents to use in determining whether an activity is engaged …More
Tax Tips
Save your losing lottery tickets.Free
You can deduct gambling losses to the extent of your winnings for the year if you meet two conditions: You itemize deductions and you have records to prove the amount of your losses. Retain lottery tickets, race track slips, and other receipts to show how much you’ve gambled …More
Ask JK Lasser
A: First, I should point out that if you sell a security, you must recognize the loss in the year you sell it. But, in your case, you may not be able to do this because it sounds like you don't have any income to offset the loss with. In cases like this, you will be forced to carry …More
Small Business Help
Report It All!
Don't neglect to report all your business income. Report any interest on business bank accounts, recoveries of previously deducted bad debts, and any loan forgiveness (unless you opt to reduce certain tax attributes that will impact your taxes down the road).
Personal Finance
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