Many taxpayers feel there are great tax advantages to having a rental home or two. Yes, there may be some tax advantages, but there are also risks if the rental property is not setup correctly from the beginning. How are repairs and upgrades on the rental property to be handled? What if instead of renting an entire home, you want to rent out a room in your home? Are there differences for tax purposes? Could taxpayers renting out a room be liable for self-employment tax? Are you ready for the coming 1099-k’s? Be better prepared and understand the differences between renting out an enti
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