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Video instructions and help with filling out and completing Why Form 8453 S Deduction

Instructions and Help about Why Form 8453 S Deduction

A class this is our video lecture for chapter number 6 part 1 where are we going to be calculating deductions and losses and seeing what limitations they are in trying to claim them if you remember in past chapters we were talking about income and the general rule is that all income is going to be taxable unless specifically excluded or treated tax-free so the mirror image is that deductions our column expenses are not deductible unless specifically allowed by the law so maybe it's the worst of both worlds here it says everything is taxable income and here it says everything is not deductible unless it's specifically excluded that's the income or allowed as a deduction here you can see deductions can be classified maybe into three broad categories this first one here which is probably the best of the three for at least for tax purposes is called trade or business expenses under this section and it's a real broad topic generally any type of costs that's used up for a trade or business it's going to be a deduction the second group here under a different internal revenue code is called deductions for the production of income and this only applies to people individuals like you and me this could also apply to individuals yeah but also corporations so this one doesn't apply to corporations the main category here would be for rental operations rental property being a landlord and the costs you incur in running your rental units to rent operations will be deducted here under this section and then there's other sections in the turnover of the code allowing other specific deductions like itemized deductions that we'll see in this chapter but more so in a future chapter and then maybe we talked about...

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