Expenses-Get Free Tips On Business Expenses, Living Expenses, FSA Eligible Expenses

karly asked:


My boyfriend and I are planning to start selling things on eBay. We want to split the income. Obviously the account will need to be set up through just one of us for now as we begin and see if it is something worth doing.

I know the basics of how taxes work with sole proprietorships in terms of paying tax on income and keeping records of expenses, but how can I “pay” him, vise versa or divide the income? We don’t want to combine our taxes in any other way.

Nicole Goldbeck

OrlandoFL asked:


I own a commercial office suite, which I rent.
Are expenses such as Mortgage interest, Taxes, Insurance, Repairs, deductable in my personal return, as they would be in the case of a Residential Rental Property?

I can’t find reference to decuting expenses for a COMMERCIAL rental property in personal income, anywhere in the IRS website.

Heidi Inaba