Lori Ioannou

speaker

179 appearances 3 recordings 1 series first heard Mar 2022 last heard Feb 2025

Lori Ioannou’s voice in public audio — every appearance, attributed to the second.

Trend

recordings per month · last 12 months

No recordings in the last 12 months.Older appearances are listed below; set an alert to hear about the next one.

Appearances

newest first · ▶ plays the moment

WSJ Your Money Briefing · Want to Avoid a Tax Audit by the IRS? Watch These Red Flags. · 11 Mar 2022 podcast

And you think about the challenges investors face in this market.

There are so many exchanges worldwide and over 20 different digital wallets.

All of these things have to be reconciled when you file your taxes.

It can be a nightmare.

Well, I think the biggest mistake that all of the tax preparers and experts I spoke to say that many people new to the rental business, especially because they're getting involved with Airbnb, they don't realize that all rental income is generally considered passive income, not active income.

I mean, there are some exceptions to that rule, but generally speaking, it's considered passive.

So if you have a rental loss for the year because you're operating expenses and

exceed your rental income, you cannot deduct it against your W-2 income.

And this is a really common mistake that filers make.

Another issue that trips them up is attempting to claim deductions on a mixed use rental property.

So let's say you have a home that you use part of the time and the other part, maybe you rent it.

It could be a summer house.

So it's very tricky on what you can really deduct.

You have to keep a log on the use of the property and keep receipts on any expenditures so you can verify your deductions if you're audited.

Well, the number one thing that consumers and Americans should remember this year is that the home office deduction might be a tax quagmire due to the confusion over who qualifies.

Now, remember, the Tax Cuts and Jobs Act in 2014

2017 suspended tax write-offs related to home offices for employees of companies through 2025.

That means millions of people who have been working remotely last year and the year before during the COVID-19 pandemic are not eligible.

Only people who are self-employed in 2021 can claim the deduction.

But things that can really trip you up is keep in mind that if you want to claim a deduction, the room must be exclusively and regularly used for business and to meet clients.

Showing 141–160 of 179 · page 8 of 9