I have talked to at least a dozen different people, including four people at the IRS and two CPA's, and I can't seem to get an unequivocal answer to my question. I inherited my mother's house in late 2007 and sold it at a loss four and a half months later. I have a qualified appraisal to...

I have always been told loss of rent cannot be considered on your taxes. I want to do things right this time and maximize my return. Can I inlcude loss of rent on my taxes. We itemize everything and own two houses. One we live in, one we rent and have not recevied rent from 1 of the units since...

I inherited my mother's home in June 2006 selling it in Mar 2008 at an approximately $85,000 loss. I called the IRS and was told the entire loss is fully deductible and not subject to the $3,000 normal limit. I'd appreciate knowing what IRS Topic or Publication would clarify this issue? Thanks

I have a friend who has his own company. There are 3 partners in the company. It is a S corp LLC. They had contract with the other company to do some job for 1year. But they quit before 1 year and did not complete the job. The other company sued them. As a settlement they had to pay $70000.00. My...

I had to turn in a leased auto after one year of a 3 yr lease because of a job relocation to another part of the country and I had to pay a $10,000 penalty. Can I take this as a deduction somewhere in my Federal Tax Return?