If you’re a rental property owner you’re probably aware of two important facts: FACT #1: Your rental property provides you with a nice tax shelter when you deduct your losses against your other income. FACT #2: In order to deduct those losses, you have to pass Uncle Sam’s 750-hour test. What you might not know is that your home office can help you pass that important … [Read more...]
Home Office
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The right way to claim a home-office deduction for corporate owners
Do you operate your business as an S or C corporation? Do you also claim (or want to claim) a home-office deduction? If you’re answering “yes” to both questions, you need to keep reading. You see, there are three commonly used ways to claim the home-office deduction. But two are losers and one loser won’t pass IRS scrutiny. You’ll learn which they are and how to come out … [Read more...]
Another way your home office can save you money
If you sell your home at a profit, the tax law is on your side. But if you sell at a loss, the IRS just won’t cut you a break. That’s because your home is a personal asset and the general rule is, you don’t get deductions for losses on personal assets. That’s where your home office comes to the rescue. You see, when you sell your home at a loss, the IRS will give you a … [Read more...]
How to turn commute expenses into tax deductions
Are you treating your commute as a deductible expense? The bad news. It’s very possible that you’re violating the law. You see, the IRS generally doesn’t let you deduct your expenses for your commute to work. (These miles are “personal miles” and are not deductible.) The good news! As a business owner, it’s easy for you to convert your daily trip into thousands of dollars … [Read more...]
Get a home-office deduction for your rental-property business
Sometimes IRS rulings are clear and easy to follow. But when it comes to claiming a home-office deduction in connection with your rental properties, you’re entering (play spooky music) the twilight zone. You see, in order to successfully claim the home-office deduction you really have to know the ins and outs of the law. Luckily for you, we do. And we’ll tell you how to … [Read more...]