Thinking about making some extra cash by turning your home into a rental property? Well, I know just the right buyer for your property … your S corporation! That’s right. When your S corporation operates as the landlord, you’ll come out with more money in your pocket. What’s more, it’s easy to do as you’ll learn when you read my new article titled Tax Tips: Shedding … [Read more...]
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Beat the recapture tax on your home office!
Do you claim a home-office deduction? Are you thinking of selling your home and buying another? If you are, you’re in luck. You see, if you know what you’re doing, you won’t have to pay the unpleasant recapture tax. And you can increase the tax basis in your replacement home. Which means you win two ways. Want to find out more? Read my new article titled Tax … [Read more...]
Tax-free rental of your home to your S or C
In past issues of the Tax Reduction Letter, I’ve explained how you can rent your personal residence to your S or C corporation for fourteen days or less. Why would you want to do that? Because, as I’ve said, if you handle the transaction properly, you can get a tremendous double tax benefit… Your S corporation deducts the rent it paid you and then flows that lovely … [Read more...]
Tax-Free Income from Rental of Home to C or S Corporation
If you operate an S or C corporation, you’re already aware of the major tax benefits Uncle Sam has to offer. What you may not be aware of is an under-used provision of the tax code that can put money in your pocket. You see, if you play your cards right, your S or C corporation can rent your personal home for select events and use that rental to create tax-free income for … [Read more...]
Stay single. Double your deductions!
As you probably know, your home mortgage interest deductions can save you a lot of money. What you may not know is that a recent court case and a new IRS rule create the possibility of double deductions for single taxpayers who co-own their homes and vacation properties. Want to learn how singles can hit doubles? Read my new article titled Tax Tips: Do New Rules Allow … [Read more...]