Personal Taxes

Special assessments on such things as sewer systems, local improvements or road repair, are not deductible real estate taxes. These costs would add to the basis of the real estate.

Yes. This is a deductible rental expense on IRS Schedule E.

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.

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.

Cash or property you received as an inheritance, gift or bequest is not included in your income tax return.
Any interest, dividend or rental you earned on the inheritance after receipt of the inheritance is taxable.

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.