FICO credit scores range from 300 to 850, with most lenders considering a score of 800 or higher to be excellent. The most important factor in determining your credit score is your payment history....
The Inflation Reduction Act of 2022 has altered the requirements for the clean vehicle tax credit, particularly for electric vehicles, including fuel cell vehicles. The credit is available for eligible commercial clean vehicles in addition to vehicles that were previously owned....
In December 2017, the Tax Cuts and Jobs Act (TCJA) was signed into law. Included were changes to the Internal Revenue Code that impact taxpayers engaged in the real estate business, and those who otherwise own real estate. This must-read post takes you through some...
A passive loss from a real estate activity occurs when your rental property's expenses exceeds its income. As a taxpayer, you're only allowed to claim a certain amount of losses on your tax return each year. That is, unless you qualify as a real estate...
At KRS, we’ve been tracking tax reform legislation closely. The new Tax Cuts and Jobs Act amends the Internal Revenue Code (IRC) to reduce tax rates and modify policies, credits, and deductions for individuals and businesses. It is the most sweeping update to the U.S....
One of the most valuable assets a taxpayer will ever sell is their personal residence. Under IRC Section 121 of current tax law, a taxpayer can exclude up to $250,000 ($500,000 if married, filing jointly) of gain realized on the sale or exchange of a...
At KRS, we've been tracking tax reform legislation closely and are ready to assist you in your tax planning and preparation when it is finally signed into law. This post discusses some important changes to tax law real estate professionals need to know about. ...
If you invest - or are thinking of investing - in foreign real estate, as a U.S. taxpayer you need to be aware of how your holdings are treated for tax purposes - it's not the same as if you were investing in U.S....
If a taxpayer fails to qualify as a real estate professional, losses from rental activities may still be deductible. While real estate professionals are afforded beneficial tax treatment enabling them to deduct losses from their real estate activities, real estate nonprofessionals taxpayers may still benefit....
Maria Rollins attended FoodBizNJ, which had the theme, “Setting the Table for Growth." She shares some key takeaways from the conference, including her insights into the challenges faced by family-owned food businesses....
