Vacation Home Rentals

From IRS Tax Tips: If you rent a home to others, you usually must report the rental income on your tax return. But you may not have to report the income if the rental period is short and you also use the property as your home. In most cases, you can deduct the costs...

Self-employed?

Here’s a link to the IRS Resource Center to help you navigate self-employment income and expenses:?http://www.irs.gov/Individuals/Self-Employed You’ll learn what exactly is self-employment income, what are estimated tax payments, home office deductions,...

Six Tips on Gambling Income and Losses

From IRS News: Whether you roll the dice, play cards or bet on the ponies, all your winnings are taxable. The IRS offers these six tax tips for the casual gambler. 1. Gambling income includes winnings from lotteries, raffles, horse races and casinos. It also includes...

Renting Your Vacation Home?

A vacation home can be a house, apartment, condominium, mobile home or boat. If you own a vacation home that you rent to others, you generally must report the rental income on your federal income tax return. But you may not have to report that income if the rental...