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...
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...
The Qualified Opportunity Zone Program enacted as part of The Tax Cuts and Jobs Act is a new incentive designed to promote investment in low-income communities by allowing taxpayers to defer, reduce, and potentially exclude gain recognition on certain investments made in Qualified Opportunity Zones....
The new tax law includes amendments to IRS Code Section 1031 for like-kind exchanges of real estate and other types of property. This post explains what has changed in the new law and property types for which you'll still be able to defer capital gains...
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...
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 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....
The federal government used to build its own public housing. However, the government banned public housing construction in 1968 and began demolishing many of its buildings in the 1990s. While the direct construction went away, the need for new units did not. The Low...
