Monday, November 30, 2009

GUIDANCE FOR TAXPAYERS WITH RENTAL PROPERTY

I expect that by now there is a website, and probably a blog, about every aspect of every subject imaginable.

This includes TAXES. There are all kinds of websites on income tax topics – from the dreaded Alternative Minimum Tax (AMT) to Volunteer Income Tax Assistance (VITA). And there are all kinds of general and specialized tax-related blogs, like THE WANDERING TAX PRO.

While there are a multitude of web pages and web articles devoted to the subject of reporting rental income and expenses on IRS Schedule E, and a Google search results in tons of links on the subject, I could not find a website or blog specifically devoted to this subject.

So here I have decided to fill the void with a new blog titled THE INTERNET GUIDE TO IRS SCHEDULE E – which is now “up and running”.

This new blog will deal with all aspects of reporting income and expenses from rental real estate on Schedule E of the federal Form 1040.

It will discuss in detail how and when to report rental income and what expenses are deductible and how to deduct them.

It will cover all kinds of rental real estate – from two-family owner-occupied properties to vacation rentals to apartment buildings to commercial property.

It will also include a regular BUZZ-like feature to provide links to and comments on other online resources - websites, web pages, online articles, and blog posts – on the subject.

Your comments on and suggestions for this new blog are certainly welcome. You can comment on a particular post or email me at rdftaxpro@mail.com. When emailing be sure to put INTERNET GUIDE TO IRS SCHEDULE E in the “Subject Line”. The rules for submitting comments and questions to TWTP will also apply to my new blog.

So before you do anything else please check out THE INTERNET GUIDE TO IRS SCHEDULE E!

TTFN

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