Category Archives: Tax

What is a 1099 and who gets one?

 

Form 1099 is an Internal Revenue Service (IRS) document that is used to report certain payments to the recipient and, importantly, also to the IRS. The obligation to report is imposed on the payer under the Internal Revenue Code. ...
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Land vs. Building Costs

Real property purchased by a business may have two components: land and buildings. For purchasers that are not in the business of actively purchasing or investing in real property as their primary function, these two components receive very different accounting ...
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Cost Basis for Real Property

When dealing with real property, there are certain costs that add to the value of the property while others are considered period costs that are expensed when incurred. The distinction between the two types of property costs determines the basis ...
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