Plain-English guide to OBBBA changes for 1099-NEC and 1099-K: what applies in 2025, what changes in 2026, and which states use lower 1099-K thresholds. The One Big Beautiful Bill Act (OBBBA) changed the thresholds for Form 1099-NEC and 1099-K. Here’s what applies for the 2025 tax year, what changes in 2026, and how state rules...
My tax professional tells me that I cannot deduct a rental loss on my Airbnb rental. She says the Morcos case limits my expenses to the amount of my rental income. My Airbnb rental is a full bedroom and bath, accessible from a separate entrance. I had the rental in place for six months during the year...Continue reading
In Chief Counsel Advice (CCA) 202151005, the IRS opined on this issue. But before we get to what the IRS said, understand that the CCA’s conclusions cannot be cited as precedent or authority by others, such as you or your tax professional. Even so, we always consider what the CCA says as semi-useful information, so here’s some...Continue reading