REAL ESTATE DEALER OR INVESOR – FOR TAX PURPOSES
Image from https://www.excelsiorgp.com/ Did you know that if you have investor and dealer properties in your investment portfolio, you can get tax breaks on your investment properties? There is a…
Rental deductions and improvements
Image from https://luxurypropertycare.com/ If you own rental properties, understanding the difference between repair expense deductions and home improvement deductions is essential. Repairs are generally more beneficial for tax purposes for…
Sale of vacation home – what about taxes?
Image from https://www.homelane.co The tax-code-defined vacation home rules come into play when you have both rental and personal use of a home. Thus, you can have tax-code-defined vacation homes in…
INSTALLMENT SALE OF PROPERTY – TAX IMPLICATIONS
Image from https://andersonadvisors.com If you own an investment property or small business, you might not be aware of the large tax bill you’ll face when you sell if you have…
tax benefits of vacation rentals
Image from https://www.meredithlodging.com Do you have a home you use for personal reasons and rent out? If so, it’s a vacation home as defined by the tax code, which means…
TAX CREDITS THAT WILL SAVE YOU $$$
Image from https://www.603legalaid.org/ Tax credits are highly sought after because they provide a dollar-for-dollar reduction in your tax bill. This is unlike tax deductions, which only give you pennies on…
BEDROOM RENTAL
Image from https://www.avail.co/ If you rent out a bedroom(s), you must know how they are taxed. How you use the rentals determines the tax outcome, as they can be subject…
Start up expenses for rentals
Image from https://www.linkedin.com/pulse/non-resident-rental-property-owners-tax-deduction-tips-ruby-chouhan/ If you’ve considered purchasing real estate for rental purposes, you’ll have a lot of upfront costs. Fortunately, the tax code allows some of these costs to be…
Top 5 Reasons for Hiring a CPA
Doing taxes requires a lot of time and effort. While individuals and businesses can save some money by handling their taxes themselves, it can also be risky. If someone files…
Tax Benefits for Short-term Rentals (Airbnb & VRBO)
That property that you are renting out, which may be a cottage, condominium, lake house or beach house, ski resort, a cabin in the countryside, or similar property, has unique…
