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Dec 06 Determining Basis of a Principal Residence

Last Updated Dec 06, 2022 in Get Real: Real Estate Life Cycle Insights
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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...

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Jul 23 Tax Rules for Vacation Home Rentals

Last Updated Jul 23, 2019 in Get Real: Real Estate Life Cycle Insights
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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...

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Apr 22 Real Estate in Your IRA: A Good Idea?

Last Updated Apr 22, 2019 in Get Real: Real Estate Life Cycle Insights
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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...

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Mar 11 Does Your Rental Real Estate Activity Qualify for the QBI Deduction?

Last Updated Mar 11, 2019 in Get Real: Real Estate Life Cycle Insights
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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...

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Nov 20 Understanding IRC Code Section 1033

Last Updated Nov 20, 2018 in Get Real: Real Estate Life Cycle Insights
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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...

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Oct 24 Deeper Dive into Single Member Limited Liability Companies

Last Updated Oct 24, 2018 in Get Real: Real Estate Life Cycle Insights
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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...

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Oct 09 Understanding the Mortgage Interest Deduction after the Tax Cuts and Jobs Act

Last Updated Oct 09, 2018 in Get Real: Real Estate Life Cycle Insights
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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. ...

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Aug 13 Real Estate FAQs from Last Month

Last Updated Aug 13, 2018 in Get Real: Real Estate Life Cycle Insights
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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...

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Jul 18 Qualified Joint Venture between Spouses

Last Updated Jul 18, 2018 in Get Real: Real Estate Life Cycle Insights
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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...

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Jul 11 Tax Implications on Sale of a Partnership Interest

Last Updated Jul 11, 2018 in Get Real: Real Estate Life Cycle Insights
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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....

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