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Home · Property Management · Tax Tips (Page 3)

by Thomas F. Scanlon, CPA, CFP January 31st is the deadline to furnish Form 1099-MISC to recipients. The 1099-MISC form is used to report more than two dozen types of payments that must be claimed as income by the recipient.


by Thomas F. Scanlon, CPA, CFP® Here are 4 ways to help your CPA and reduce your taxes:


by Thomas F. Scanlon, CPA, CFP® 1) Harvest Capital Losses Capital gains property includes stocks, bonds and mutual funds. Currently, the stated rate on long term capital gains is 15%. If you have a net loss after netting all of your gains and losses, the tax deduction is limited to $3,000. Any excess capital losses…


by Thomas F. Scanlon, CPA, CFP® Originally under the Small Business Jobs Act, those who received rental income from real estate were going to be considered to be engaged in a business, and were going to be subject to the requirements to issue 1099 information returns.


The same city officials who made news by threatening to tack deadbeat tenants’ water bills on smaller landlords’ property tax bills are now trying to explain why they failed to collect money owed from larger landlords.


You may not be thinking about your tax return right now, but summer is a great time to start planning for next year.


The Government Accountability Office (GAO) stated recently that 50% of all individual tax payers with rental real estate activity had misreported their income, resulting in a tax gap. The GAO has recommended for the IRS to increase audits of tax returns with rental real estate activity in order to generate more tax revenue.


A federal court has barred a Philadelphia tax preparation firm and its owner from preparing federal tax returns claiming first-time-homebuyer tax credits and tax deductions for certain expenses.


by Thomas F. Scanlon, CPA, CFP The home office deduction is a confusing topic for many taxpayers. Can I only take it if I am self-employed? What if you’re not self-employed, but work at home frequently? And isn’t it true that the IRS is more likely to audit you if you take the deduction?


According to a study by the GAO (Government Accountability Office), about 25 percent of rental property owners over-reported their net income from rental real estate by overstating rent received or understating expenses or losses.

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