Personal Taxes

Expenses for improvements are treated differently than expenses for repairs and maintenance. Generally, expenses that will last for more than one year will be considered a capital improvement and therefore must be depreciated, as opposed to being fully expensed in the year of outlay. Putting up a new roof or installing a new furnace, paving the driveway, finishing a basement, putting in new plumbing or wiring are examples of capital improvements. Replacing a broken window or painting, fixing leaks or plastering are examples of deductible repairs. Speak to your local CPA about your rental property income and allowed expenses.

Royalty income is taxed as ordinary income reportable on IRS Schedule E. Royalty income includes author's royalties, musical composition royalties, payments for use of patents or copyrights, and certain oil and gas entities.

No. Your prior year's disallowed losses will be allowed in full in the year of a full disposition. The current year's income or loss will be combined with the prior year's disallowed losses and the net amount will be allowed in full and is reportable on IRS Schedule E.

You only have to attach Form 1099 if there is any withholding listed on the 1099 form.
Do not attach your copies of Form 1099 to your tax return if no withholding is listed on them.
Keep them with your copy of your tax return.

Generally not. A housing allowance paid to you as part of your salary is not income if you use it in the year received to provide a home or to pay utilities for a home that you are provided.
The excluded amount must be considered reasonable compensation. Other criteria and provisions may apply. Speak to your local CPA for more details.

A lump-sum payment for cancellation of your employment under the Age Discrimination and Employment Act is taxable income in the year you receive it. It is reportable on IRS Form 1040 as wages.

No. Costs associated with loss prevention, such as for burglar and/or smoke alarms, are not deductible.

Probably not. Casualty losses must be from sudden, unexpected or unusual events. Termite damage is considered gradual and progressive, and therefore not deductible.

The amount of your unreimbursed loss may be deductible. The deductible calculation is reported on IRS Form 4684. The deduction would be the amount of the loss, minus any insurance reimbursements minus $100 minus 10% of your Adjusted Gross Income Limitation. If the accident was caused by your driving drunk, then the deduction is disallowed.