sales tax deduction irs

sales tax deduction irs

Home office deduction - do raise a red flag to IRS?

I have two rental properties and want to form an LLC. Is this enough homes to do this? They're not worth but about 50k each. Is the IRS demanding when it comes to deduct part of your home to "manage" your business (in this case, an LLC)? I have a friend who works in sales, like me, and this friend does every year (although, from a moral perspective, I think it's wrong ... they have a lot personal items in his "office.") Any help is appreciated. For what percentage form an LLC reduce my tax rate? I know nothing about taxes, since my wife is an accountant (she thinks the idea of creating an area of our house as office space "is a red flag to the IRS).

The IRS does not even recognize to an LLC, so it's not going to lower taxes. (A member of the 1040 default, two members or default to 1065.) You can not deduct a home office to manage an investment. They are not conducting business there, is reviewing the paperwork that you could do anywhere. Also, look at what they were planning to deduct a portion of mortgage interest (deductible) property taxes (deductible), out of pocket expenses (deductible yet), depreciation (Must be paid when you sell and not be excluded with the agreement of U.S. $ 250K) and a questionable amount of public services (the flag of audit).

 

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sales tax deduction irs

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Filed under: Tax Deductions

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