Home and Residential

Generally, under the Internal Revenue Code, you will be forced to pay taxes on any transaction that involves real estate and produces a gain at the time of the sale. However, if you sell your house, the Internal Revenue Code gives taxpayers a special tax treatment.

What is Rental Income? Payments received from a person or entity that is using property owned by you are typically considered rental income. You must report in your gross income all income received as rent.

Most contracts are based on common law elements. The elements of most basic contracts are:

  1. Offer
  2. Acceptance
  3. Consideration.

In order to determine whether a contract exists, understanding of these elements are needed.

Offer

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