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The Augusta Rule is an IRS provision that allows homeowners to rent their home for up to 14 days each year without having to report the rental income received on their individual tax returns. The ...
For example, if your tax return is due April 15, but that date falls on a Saturday, then your tax return due date is forwarded to the first business day following April 15, or Monday, April 17. However, if a deadline falls on a Sunday, the requirements for the exchange must be met no later than the last business day prior to the deadline date ...
The form is used to report payments to independent contractors, rental property income, income from interest and dividends, sales proceeds, and other miscellaneous income recipients to tax professionals. This has led to the phrases "1099 workers" and "the 1099 economy" to refer to those whose income is reported on Form 1099, in contrast to a "W ...
The “40x” rent rule states that your annual gross income should be around 40 times your monthly rent payment. ... if your annual pre-tax income is $50,000, the rule suggests your monthly rent ...
Rent Kicker, or Percentage Rent: Common in retail store leases. This is a premium rent payment that the lessor requires and is treated as a period expense. For example, it may be stated in the contract that if sales are over $1,000,000, any excess over this amount will have 2% taken out as a rent kicker. This is not reported as part of the ...
In the past, many financial experts were in agreement that a good rule of thumb for your personal finances was to not spend more than 30% of your gross income on rent. However, in today's economy,...
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A like-kind exchange under United States tax law, also known as a 1031 exchange, is a transaction or series of transactions that allows for the disposal of an asset and the acquisition of another replacement asset without generating a current tax liability from the sale of the first asset. A like-kind exchange can involve the exchange of one ...