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...
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....
While US citizens and residents are subject to worldwide estate and gift taxation on their gratuitous transfers, non-residents are only subject to the US estate tax on property that is situated, or deemed situated, in the United States. This post discusses some of the tax...
Don't be at risk of paying your taxes late and incurring fines. Read this post to find out what you need to do and when to file an extension. The post covers the basic rules for individuals, the penalties that can be assessed by the...
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...
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....
Taxpayers should be mindful that their rental income may be subject to taxes in addition to ordinary income tax. This post covers the ins and outs of the Net Investment Income Tax. ...
When projecting taxable income from your new rental property be mindful of start-up expenses, which are treated differently from expenses incurred when the property is ready and available for rent. ...
How purchase value is divided up between land and buildings impacts the depreciation tax benefits you get as a real estate owner. Here's what you need to know....
If you have a closely held corporation that is set up as a C corporations, you need to consider electing to be taxed as an S corporation, where there is only one level of taxation. This post reviews S corporation eligibility requirements and points out...
