A reverse mortgage is a type of loan open to homeowners age 62 and older. Unlike with a traditional mortgage, homeowners don't make payments to a lender with a reverse mortgage. Instead, the homeowner receives payments. You can choose to receive your payments as a...
If you’ve recently inherited property and are thinking about selling it, you may be unsure how much the asset is worth and whether you’ll owe tax on the sale. Understanding how the IRS determines value, and how that affects gain or loss, is essential before moving...
Property taxes play a vital role in supporting your community’s infrastructure, including funding for schools, road maintenance, public safety departments, recreational areas, and local transit systems. These taxes are imposed by municipal, county, and educational districts, all of which contribute to your total property tax...
What tax deductions, programs, and housing allowances are available to you as a homeowner? Let's explore a few options that the IRS makes available....
Short term rentals are very popular these days. Especially on rental sites such as Airbnb and Vrbo. Whether it’s a cottage at the beach, an apartment in the city, or a home in the mountains, short term rentals make it easy to travel and provide...
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...
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....
I had a taxpayer call me about the sale of a rental property. Here's the big mistake he made that cost him big $$$ because it couldn't be structured as a 1031 exchange....
Real Estate Owners must answer the question: Am I a Dealer or an Investor? The answer may have a significant impact on the amount of tax incurred. This post explains what you need to know to save on taxes by understanding how each are treated...
Does being a real estate professional have income tax advantages? For real estate professionals, it all comes down to passive and non-passive activities related to property. Here's how to figure out this income tax puzzle. ...
