| I own some rental properties. Can I get any kind of | | | | can count part of your rent as a deduction for your |
| deductions from those properties? | | | | home business. |
| You can and here's how: If you're paying a mortgage | | | | Last year I made really good money and ended up |
| on the property you can claim the interest on the loan | | | | owing the IRS. When the money was coming in I didn't |
| as a deduction. | | | | have any problems paying. Now that there's a slump in |
| Now you do have to report the rent you receive as | | | | the market I can't afford to pay the debt. What options |
| income on your tax return, so don't forget that. But any | | | | do I have? |
| repairs or improvements you make on those rental | | | | Right now you probably still have too much equity and |
| properties are valid deductions. | | | | assets to qualify for a settlement offer. Of course |
| If I owe the IRS money and I'm able to sell a house | | | | your industry can and most likely will make a recovery. |
| can they seize the money I make off of that? | | | | The best thing for you to do if you owe and you can't |
| Absolutely, the commission you make off of a house | | | | pay in full right now is to enter into a monthly payment |
| sale count as wages as far as the IRS is concerned | | | | plan until you're in a better financial situation. While |
| and they can seize any money you make to pay | | | | you're in a payment plan the IRS shouldn't take any |
| down the debt you owe to them. The IRS won't take | | | | kind of collection action against you. |
| it all, but they'll only leave you with about 50% of what | | | | I'm considering bankruptcy. Can I get my tax debt |
| you would have made. | | | | included in the bankruptcy? |
| I work out of my home. Are there any deductions | | | | It's not likely that you'll be able to. You can't include any |
| available to me that can help out with my tax return? | | | | tax debt in a bankruptcy if the debt is less than three |
| If you work out of your home and you can prove to | | | | years old. If you're financial situation has occurred |
| the IRS that you conduct the majority of business out | | | | within the last couple of years then you wouldn't be |
| of your home you can write off a portion of your | | | | able to include it. |
| mortgage payments for the year. Even if you rent you | | | | Now you have the smoking gun...Use it! |