Category: R
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Resident
Resident means:a person who is liable for tax in a county or state because of domicile, residence, citizenship, place of management, place of incorporation, or other similar criterion. A person who is liable for tax in a country or state because of domicile, residence, place of management, or ot…
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Resident Alien
Resident Alien means:a person who has been admitted to permanent resident status but has not been granted citizenship. For federal tax purposes, an alien is an individual who is not a U.S. citizen. Aliens are classified as nonresident aliens and as resident aliens. Individuals are considered res…
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Rental Income
Rental Income Generally, cash or the fair market value of property you receive for the use of real estate or personal property is taxable to you as rental income. You can generally deduct expenses of renting property from your rental income. Income and expenses related to real estate rentals are usually reported on Form 1040,…
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Rental Expenses
Rental Expenses Some examples of expenses that may be deducted from your total rental income are depreciation, repairs, and operating expenses. You can recover some or all of your original investment in the rental property (including furnishings) and the cost of later improvements through depreciation. You must use Form 4562 (to report depreciation) beginning in…