If you’re facing foreclosure on your home, you probably feel like things can’t get much worse. But they can. You see, the law treats foreclosure as if you sold your home — and you can’t deduct losses on the sale of your personal home. Worse, if the lender sells your home for less than the amount of your mortgage, the lender sends you a 1099-C for cancellation of debt … [Read more...]
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How to win when you repossess a seller-financed rental
If you ever sell a home and finance the transaction for the buyer, you could certainly come out in great shape. But what happens if the buyer stiffs you and defaults? My advice? Don’t panic! If you know the law, (and we do!) you can reap a substantial windfall of tax-free cash! You’ll find out how when you read my new article titled Tax Tips: Tax Trick When … [Read more...]
Tax Secrets of Renting a Bedroom in Your Home
Do you have a spare bedroom(s) that you’d like to rent out? Go right ahead. I’m sure you’d like to pocket some extra cash and put that spare room to use. But be careful. You see, the IRS has set some dangerous traps for you that could cost you big money. If you want to stay on Uncle Sam’s good side, take my advice and read my new article titled Tax Tips: Secrets to … [Read more...]
Create tax-free income for family and friends
Do you travel on business? If you do, you have a choice. You can stay at a nice hotel and deduct the cost. or… You can stay with family or friends and pay them a “rental fee” (or “lodging fee”) for the privilege. You can then deduct that cost — and the money you pay them is theirs tax free! You’ll learn all about this win/win strategy when you read my new … [Read more...]
Take money out of your Roth IRA tax free, penalty free!
There’s a reason they call the Roth IRA “the Swiss Army knife of savings plans.” You see, the Roth IRA is much more than a retirement fund. It’s also a down payment fund, a college savings fund, and an emergency savings fund all rolled into one! That’s right. If you know what you’re doing, you can withdraw money from your Roth IRA for any purpose and pay zero taxes and zero … [Read more...]