Tax Warrior Chronicles

Tax Considerations of Converting Your Primary Residence into a Rental Property

Posted on Thu, Oct 18, 2018

By: Clare Porreca, CPA, MT

 

Converting a primary residence into a rental property is a common occurrence.  With the real estate market on a slight decline, more taxpayers may decide to rent rather than sell their homes to wait out the market.  If you’re in this situation, read on so you’re aware of the tax implications of converting your home into a rental property.

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IRS Cracking Down on Charitable Contribution Substantiation

Posted on Mon, Sep 09, 2013

The IRS is moving toward stricter enforcement of the rules regarding charitable deductions.  In general, you can take a deduction for contributions to charitable organizations.  However, in order for a deduction to be allowed certain requirements must be met.  One such requirement is that the contribution is made to a qualified charity, as defined in the Internal Revenue Code.  The IRS maintains a searchable database of charitable organizations on their website that allows you to obtain information regarding the federal tax status of exempt organizations. Another requirement that must be met is that you must be able to substantiate your contribution.  The kind of substantiation required

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