Rental Income and Expenses
Rental income includes any payment received for the use or occupancy of property. In addition to normal rent payments, the following items are reported as rental income.
Recordkeeping for Tax Purposes
Which records should you keep? You should keep information that you and the IRS need to determine your correct tax. Everyone should keep the following records.
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Real Estate Professionals
If you spend significant time in activities related to real estate, you may qualify as a “real estate professional,” which can provide tax benefits.
Partnerships
A partnership is the relationship existing between two or more persons who join together to carry on a trade or business. Each person contributes money, property, labor, or skill and expects to share in the profits and losses of the business.
Farm Vehicles and Fuels
Farmers can deduct expenses of operating a car or truck used in a farming operation.
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Expense Reimbursements for Employees
An employer may reimburse you for travel and meal expenses incurred while performing services for the employer. The tax treatment of the reimbursement, including per diem allowances, depends on whether the employer has an “accountable plan” or a “nonaccountable plan.”
Employing Family Members
One of the advantages of operating your own business is hiring family members. However, employment tax requirements or family employees may vary from those that apply to other employees.
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