Basis of Property

by | Jun 16, 2026 | Business Tax

100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com Basis is a taxpayer’s investment in property for tax purposes. It determines: Gain or loss on sale Depreciation Amortization Depletion Casualty loss deductions If property is used partly for business...

Depreciation Rules for Business Property

by | Jun 16, 2026 | Business Tax

100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com Depreciation is the recovery of the cost of business property over time. Property with a useful life beyond one year is capitalized and recovered through depreciation, depletion, or amortization. Types...

Rental Property Tax Rules

by | Jun 16, 2026 | Business Tax

100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com Rental real estate income is generally reported on Schedule E, unless the taxpayer provides substantial services (cleaning, linen service, daily maid service), in which case the activity is reported on...

Reconciling Book vs. Tax Income

by | Jun 16, 2026 | Business Tax

100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com Businesses often report different income for financial accounting and tax purposes. Financial statements aim to show economic performance, while tax returns aim to compute taxable income under IRS...