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    RE: Farming--Hobby???

    Mary, He needs to report the income. If it is a hobby, then the income goes on line 21 and the expenses go on Schedule A as hobby expenses. This may not apply here, but sometimes it's more accurate to split the activities into for-profit activity...

  • The trust will only report income on the K-1. Distribution of trust property does not go on a K-1. The two brothers own the rental property jointly, so the house will be owned by (or at least income taxed as) a partnership. If the trust was revocable...

  • Hello Team Irrevocable trust, CA closed by new clients in 2015. Only rental property was home of parents who put this on trust in 1993. Two brothers were beneficiaries. Now two brothers closed the trust and put this property on rental. When the final...

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August 2015

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  • Top 5 Myths of Third-Party Designations on Tax Returns

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  • Riches in Niches: A Three-Step Plan to Build a Specialty Focus

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