/Tag: cpa los angeles real estate

A Tax Court Victory for Homebuilders Might Not Apply to Others, Says the IRS

By |2017-05-24T13:42:02+00:00April 21st, 2017|Categories: Real Estate|Tags: , , , , , |

In a significant case, homebuilders that want to realize income under the completed contract accounting method based on an entire development won a victory. However, the IRS recently responded by announcing that it generally wouldn't follow the decision in cases involving other taxpayers. The U.S. Court of Appeals for the Ninth Circuit upheld a lower [...]

Correctly Report Your Rental Income

By |2017-05-24T13:42:02+00:00March 29th, 2017|Categories: Real Estate|Tags: , , , , , |

Reporting income from rental properties may seem straightforward, but that’s not always the case. The IRS definition of rental income may be broader than property owners realize. Such misunderstandings could prove costly if uncovered by an IRS audit. What is Rental Income? Rental income is any payment you receive for the use or occupation of [...]

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