Originally under the Small Business Jobs Act, those who received rental income from real estate were going to be considered, to be engaged in a business, and were going to be subject to the requirements to issue 1099 information returns. This act was going to make owners of rental properties report payments totaling $600 or more during the course of the year for any expenses relating to these properties. The provision required even the smallest property owners — those who might just be renting out a second home or other rental property — to track any work done for them that totals $600 a year or more over the course of a year and to send any vendors whose work reaches that amount an IRS Form 1099, so they can report the income to the federal government. Examples of possible 1099-MISC recipients would include: gardeners, landscapers, contractors, property managers and repair services. more…
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All Connecticut business owners that own personal property must file a Personal Property Tax Declaration by November 1, 2011.
Failure to file this declaration or filing late will result in a penalty equal to 25% of the assessed value of the property. more…
Mortgage Interest—Many taxpayers can deduct their mortgage interest on their residence. However, there is a limitation on this. The interest on a primary residence can only be deducted on up to $1,000,000 mortgage and $100,000 line of credit. Points paid to secure a mortgage when purchasing a new home are fully deductible. Points paid on a refinance must be amortized over the life of the loan. more…
Form 709, is required to be filed if a gift is made to someone for more than $13,000 in one year. Gifts between spouses are not required to file. Gifts can be made to an unlimited number of people in a year provided they are below the $13,000 per person annual exclusion. more…
The State of Connecticut Budget proposal includes a conveyance tax on buyers of real estate. The tax imposed would be 1% of the purchase price on homes purchased above $150,000. Here are 3 reasons this proposal should not be passed: more…



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