In most cases, there may be no additional income tax when a taxpayer sells their personal residence. However, there are a number of issues that surround the typical sale of the home that may require you to contact your tax professional for clarification. Here are a...
Working The Puzzle From All The Angles
Month: July 2015
Do Not Ignore the IRS
On Behalf of Demetrius J. Karos, Ltd. | Jul 13, 2015 | Tax Law
If you receive a notice from the Internal Revenue Service, you must answer the notice within a specific time. Failure to respond could result in an assessment and more expensive to unwind.Here are a few tips to deal with an correspondence from the Internal Revenue...
Know Your Vacation Home Rules
On Behalf of Demetrius J. Karos, Ltd. | Jul 8, 2015 | Tax Law
Just because you own a vacation home does not mean you automatically get to write off everything related to the ownership of the vacation home. Here are a few tips. IRS Tips about Vacation Home RentalsIf you rent a home to others, you usually must report the rental...
Got Gambling Winnings?
On Behalf of Demetrius J. Karos, Ltd. | Jul 6, 2015 | Tax Law
Many taxpayers will have gambling winnings. Be advised that these winnings cannot be ignored and there are specific ways to report the winnings and the dreaded losses. Winnings that are not reported may come back as a surprise when the IRS issues a matching...
Identity Theft and Your Tax Return
On Behalf of Demetrius J. Karos, Ltd. | Jul 1, 2015 | Tax Law
Identity theft is a common problem in our society and has become an epidemic in the field of tax preparation. If you are a victim of identity theft, don't blame the preparer. Do follow these steps if you are a victim of identity theft. Ten Things to Know about...