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Should my Airbnb or VRBO rental income be reported as Schedule C income or Schedule E income?
Contributed by: Phillip B, FreeTaxUSA Agent, Tax Pro Short Term Vacation Rental Rules Short term vacation rentals through Airbnb, VRBO, and other travel websites have become a popular way to make rental income from residential rental real estate. Knowing how you should report this income on your tax return is an important…
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How are incentive (or statutory) stock options (ISO) taxed? and reported?
Contributed by KeriC, FreeTaxUSA Agent, Tax Pro The primary advantage of an incentive stock option (ISO) lies in its favorable tax treatment compared to other types of stock options. Qualifying ISOs only generate reportable income when the stock is sold. Qualifying and Disqualifying ISO A qualifying ISO meets the holding…
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Why hasn’t the IRS withdrawn my tax payment yet?
Contributed by: KelliP, FreeTaxUSA Agent, Tax Pro You’ve filed your tax return and selected to have the IRS electronically withdraw your tax due. However, the date selected for the withdrawal has passed, and the IRS has yet to process the payment. This can be both frustrating and stressful. This article will explain some…
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Are my car loan interest payments deductible?
Contributed by: KristineS, FreeTaxUSA Agent, Tax Pro With the signing of the One Big Beautiful Bill Act into law, you may be wondering if your car loan interest is now deductible, or you may have heard there’s no tax to pay on car loan interest. In this article we’ll cover all you need to know to see if you qualify for the…
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What is the new deduction for senior citizens, and how will it impact taxable social security benefits?
Contributed by: Henry, FreeTaxUSA Agent, Tax Pro With the recent signing into law of the One Big Beautiful Bill Act (OBBBA), millions of older Americans got a significant tax break through a new deduction available from 2025 to 2028. You may be wondering how the deduction works and if it affects social security…