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Posted by Admin Posted on Aug 30 2015

Posted by Admin Posted on July 27 2015

Las Vegas CPA offers tips on Vacation home Rentals from IRS

Posted by Admin Posted on July 12 2015

Tips about Vacation Home Rentals from IRS
If you rent a home, you usually must report the income from rental on your tax return. However, you may not have to report the rent you get if the rental period is short and you also use the property as your home. In most cases, you can deduct your rental expenses. When you also use the rental as your home, your deduction may be limited. Here are some basic tax tips that you should know if you rent out a vacation home:
•    Vacation Home.  A vacation home can be a house, apartment, condominium, mobile home, boat or similar property. 
•    Schedule E.  You usually report rental income and rental expenses on Schedule E, Supplemental Income and Loss. Your rental income may also be subject to Net Investment Income Tax. 
•    Used as a Home.  If the property is “used as a home,” your rental expense deduction is limited. This means your deduction for rental expenses can’t be more than the rent you received. For more about these rules, see Publication 527, Residential Rental Property (Including Rental of Vacation Homes). 
•    Divide Expenses.  If you personally use your property and also rent it to others, special rules apply. You must divide your expenses between the rental use and the personal use. To figure how to divide your costs, you must compare the number of days for each type of use with the total days of use. 
•    Personal Use.  Personal use may include use by your family. It may also include use by any other property owners or their family. Use by anyone who pays less than a fair rental price is also personal use. 
•    Schedule A.  Report deductible expenses for personal use on Schedule A, Itemized Deductions. These may include costs such as mortgage interest, property taxes and casualty losses. 
•    Rented Less than 15 Days.  If the property is “used as a home” and you rent it out fewer than 15 days per year, you do not have to report the rental income. In this case you deduct your qualified expenses on schedule A. 
•    Use IRS Free File.  If you still need to file your 2014 tax return, you can use IRS Free File to make filing easier. Free File is available until Oct. 15. If you make $60,000 or less, you can use brand-name tax software. If you earn more, you can use Free File Fillable Forms, an electronic version of IRS paper forms. Free File is available only through the IRS.gov website. 
You can get forms and publications on IRS.gov/forms at any time.

Las Vegas - Henderson CPA warns: Phone List of Tax Scams for the 2015 Filing Season

Posted by Admin Posted on Jan 25 2015

Las Vegas CPA Steven T Giorgione shares concerns of a threat to the public via the phone.

 
Aggressive and threatening phone calls by criminals impersonating IRS agents remain near the top of the annual "Dirty Dozen" list of tax scams for the 2015 filing season, 
 
The Nevada IRS has seen a surge of these phone scams in recent months as scam artists threaten police arrest, deportation, license revocation and other things. The IRS reminds Las Vegas taxpayers to guard against all sorts of con games that arise during any filing season.
 
"If someone calls unexpectedly claiming to be from the IRS with aggressive threats if you don't pay immediately, it's a scam artist calling,” said IRS Commissioner John Koskinen. "The first IRS contact with Nevada taxpayers is usually through the mail. Taxpayers have rights, and this is not how we do business."
 
The Dirty Dozen is compiled annually by the IRS and lists a variety of common scams taxpayers may encounter any time during the year. Many of these con games peak during filing season as people prepare their tax returns or hire someone to do so. This year for the first time, the IRS will issue the individual Dirty Dozen scams one at a time during the next 12 business days to raise consumer awareness.
 
Phone scams top the list this year because it has been a persistent and pervasive problem for many Las Vegas taxpayers for many months. Scammers are able to alter caller ID numbers to make it look like the IRS is calling. They use fake names and bogus IRS badge numbers. They often leave "urgent" callback requests. They prey on the most vulnerable people, such as the elderly, newly arrived immigrants and those whose first language is not English. Scammers have been known to impersonate agents from IRS Criminal Investigation as well.
These criminals try to scare and shock you into providing personal financial information on the spot while you are off guard, “Don’t be taken in and don’t engage these people over the phone.”
The Treasury Inspector General for Tax Administration (TIGTA) has received reports of roughly 290,000 contacts since October 2013 and has become aware of nearly 3,000 victims who have collectively paid over $14 million as a result of the scam, in which individuals make unsolicited calls to taxpayers fraudulently claiming to be IRS officials and demanding that they send them cash via prepaid debit cards.
 
Nevada's Protect Yourself
As telephone scams continue across Las Vegas, Henderson and the country, the IRS recently put out a new YouTube video with a renewed warning to taxpayers not to be fooled by imposters posing as tax agency representatives. The new Tax Scams video describes some basic tips to help protect taxpayers from tax scams.
 
The Las Vegas CPA thought you should be aware.