Adam’s Tax Blog

Note: Tax advice, articles, and content contained on this site are intended for informational and educational purposes only. They are not a substitute for professional advice. Tax matters can be extremely complex and vary greatly for each individual or company. Please click here to read our complete disclosure and disclaimer for the information presented on this site.

When Do Valuable Gifts to Charity Require an Appraisal?

When Do Valuable Gifts to Charity Require an Appraisal?

If you donate valuable items to charity and you want to deduct them on your tax return, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right to deduct charitable contributions....

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Taxes When You Sell an Appreciated Vacation Home

Taxes When You Sell an Appreciated Vacation Home

Vacation homes in upscale areas may be worth way more than owners paid for them. This is great for getting a higher price, but what about taxes? Here are three scenarios to illustrate the federal income tax issues you face when selling an appreciated vacation home....

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When Partners Pay Expenses Related to the Business

When Partners Pay Expenses Related to the Business

It’s not unusual for a partner to incur expenses related to the partnership’s business. This is especially likely to occur in service partnerships like architecture or law firms. For example, partners in service partnerships may incur entertainment expenses in...

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The Pros and Cons of Turning Your Home into a Rental

The Pros and Cons of Turning Your Home into a Rental

If you’re buying a new home, you may have thought about keeping your current home and renting it out. In March, average rents for one- and two-bedroom residences were $1,487 and $1,847, respectively, according to the latest Zumper National Rent Report. In some parts...

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Keep These 3 Issues in Mind After You File Your Return

Keep These 3 Issues in Mind After You File Your Return

The tax filing deadline for 2023 tax returns is April 15 this year. If you need more time, you can file for an extension until October 15. In either case, once your 2023 tax return has been successfully filed with the IRS, there may still be some issues to bear in...

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