|
· Income -
Rents received from tenants. Payments received in the form of property or services must
be included in income at their fair market value. |
|
 |
|
· Expenses -
To be deductible, a business expense must be both ordinary and necessary. An
ordinary expense is one that is common and accepted in your trade or
business. |
|
· Depreciate Property
- Claim the 30% or 50% Bonus and take the First Year Section 179
Expensing.
Calculate separate state depreciation if your state does not comply with the
new laws. |
|
· Business Use of
Your Car - Standard mileage or actual expenses. The program helps you
decide. |
|
· Business Travel
Expenses |
|
|
· Business Use of
Your Home If you use part of your home for business, you may be able
to deduct expenses for the business use of your home. These expenses may
include mortgage interest, insurance, utilities, repairs, and depreciation.
|
|
· Sale of Assets
- Including Installment Sales and Like Kind Exchanges. |
|
· Determine At-Risk
Limits |
|
· Calculate Passive
Loss Carry Forwards |
