What Is IRS Publication 527? IRS Publication 527, Residential Rental Property, is a document published by the Internal Revenue Service (IRS) that provides tax information for individuals who own residential properties that are rented out for income. Typically, all income earned from rental properties is reported to the IRS, though the type of rental activity
What Is IRS Publication 529 (Miscellaneous Deductions)? IRS Publication 529, or Miscellaneous Deductions, is a document published by the Internal Revenue Service (IRS) detailing miscellaneous expenses that could previously be reported as itemized deductions on Schedule A of Form 1040 or Form 1040NR. The deduction was calculated by subtracting 2% of the adjusted gross income (AGI)
What Is IRS Publication 530? IRS Publication 530 is a tax document for homeowners that details how tax filers should treat costs related to owning a home. It provides valuable information on how to manage mortgage interest, closing costs, taxes, capital gains, and repairs. When consulting this document, be sure you have the most up-to-date
What Is IRS Publication 535? IRS Publication 535 refers to the Internal Revenue Service (IRS) tax document that provides guidance on what types of business expenses are deductible when filing a tax return. IRS Publication 535 covers the rules for deducting business expenses and outlines the most common items that taxpayers deduct. In order to be deductible, a business
What is IRS Publication 536 IRS Publication 536 is a document published by the Internal Revenue Service (IRS) that provides guidance on what to do when a taxpayer, whether an individual or corporation, has more deductions than income in a given tax year. If the total deductions a taxpayer claims are greater than that taxpayer’s income
What Is IRS Publication 538? IRS Publication 538 is a document published by the Internal Revenue Service (IRS) that details the various commonly recognized accounting methods and periods, who they apply to, and how to abide by them. The IRS requires taxpayers to use a consistent and standardized accounting approach when reporting income and taxation
What Is IRS Publication 542? The term IRS Publication 542 refers to a document published by the Internal Revenue Service (IRS) that provides information on the general tax rules that domestic corporations must follow. IRS Publication 542 outlines the type of organizations that are taxed as corporations, the accounting methods typically used, the deductions allowed
What Is Publication 551? IRS Publication 551, entitled Basis of Assets, is an informational document published by the Internal Revenue Service (IRS) that outlines how to determine the cost basis for investments, real estate and business assets. The cost basis is used to determine what amount of gain or loss is realized from a sale
What is IRS Publication 557? IRS Publication 557 is a document published and by the Internal Revenue Service (IRS) that explains the rules to be followed by an organization in order to obtain and maintain tax-exempt status. IRS Publication 557 guides taxpayers as to the required forms and documents, the appeals process if tax-exempt status
What Is IRS Publication 560: Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans)? IRS Publication 560: Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans) delineates and updates the rules each year for employers establishing retirement plans for themselves as well as their employees. Key Takeaways IRS Publication 560 outlines how a
