It’s true. The IRS actually does have great news for you! You see, Uncle Sam has just decided to help out rental-property owners who’ve used the rental property as their principal residence. Here’s the story in a nut shell… Thanks to the latest IRS advice, when you sell your rental property you could end up with a negative total tax on the sale. Getting this “negative” tax … [Read more...]
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When you can (and can’t!) deduct mortgage insurance
The tax law used to help a lot of people by letting them deduct the cost of mortgage insurance. But times change, and in 2013 many of these deductions were no longer allowed. How does the current law treat deductions for government or private mortgage insurance on homes, rentals, and home-offices? You’ll find out when you read my new article titled Tax Tips: When You Can … [Read more...]
How the IRS can help you through tough times
I thought I’d never use the words “IRS” and “mercy” in the same sentence but I’m going to do so now… If circumstances force you to move out of your home before you qualify for the $250,000/$500,000 exclusion, the IRS will show you mercy and help you out. That’s right. In a rare moment of kindness, the IRS may lend you a helping hand and reduce your tax burden if you can show … [Read more...]
When a house won’t sell, consider a lease-option
Trying to sell a house that’s sitting on the market without attracting a decent offer? Don’t give up. Think creatively and use a lease-with-an-option-to-buy strategy to get the cash flow flowing! When you find the right tenant, this arrangement can make sense for everyone concerned. But beware. There are tax traps that you’ll need to avoid if you want to come out a winner. … [Read more...]
How to slash your tax bill when you sell your home
Thinking about selling your current home or vacation property any time soon? Then my new article is for you! You see, I’ll explain easy steps you can take right now to prepare for (or completely avoid!) the tax hit you may have to take when you sell. For example, I’ll explain why you should never rely on the home-sale gain-exclusion to shield all of your profit. And I’ll … [Read more...]