If you're selling your home, understanding the concept of 'basis' can help save taxes. You are probably aware you may be able to claim itemized deductions on your income tax return for real estate taxes and home mortgage interest. Most other home ownership costs are...
Get the most from your vacation home rental property by knowing the tax rules.
Summer is the time of family vacations, sun, sand and beaches. It's also the time when a vacation home may be used to generate additional cash flow through rental.
Part-time landlords need to...
Real estate can be a great investment, and many people don't know they can also put the property into their IRAs. However, they have to be careful: one small mistake and an IRA's tax advantages disappear. This post covers the rules to follow to have...
Knowing the requirements for Qualified Business Income (QBI) deductions can help you save taxes on your rental real estate. The IRS recently issued guidance on the 20% tax deduction for Qualified Business Income (QBI) and rental real estate activity. This post covers what you need...
A section 1033 exchange, named for Section 1033 of the Internal Revenue Code, applies when you lose property through a casualty, theft or condemnation and realize gain from the insurance or condemnation proceeds. If your accountant or tax advisor believes you will realize gain from...
The IRS allows Limited Liability Companies (LLCs) to choose how they will be classified for income tax purposes. An LLC with one owner or single member limited liability company (SMLLC) can choose to be treated as a corporation or a "disregarded entity." This post discussed...
In 2018, the Tax Cuts and Jobs Act (TCJA) changed the rules on how much mortgage interest can be deducted from taxable income. This post shares some key changes to what home owners can deduct for mortgage interest and home equity lines of credit. ...
My team and I regularly receive questions on real estate-related topics. In this blog post, I answer three of the most common questions we received this month - on topics ranging from 1031 exchanges, to those pesky realty transfer fees, to section 179 expensing under...
An unincorporated business jointly owned by a married couple is generally classified as a partnership for federal tax purposes. However, in 2007, there was an addition to the tax code that excludes from partnership status a Qualified Joint Venture ("QJV") conducted by a married couple...
In determining gain or loss on sale of a partnership interest, taxpayers are often surprised to find they have a taxable gain. This post reviews some typical examples of such a sale and how they are treated for tax purposes....
