Do you own a motor home? If the answer is “Yes,” you might be in line for some fat tax deductions! Of course, when you deal with the IRS you need to know the rules of the road. For example, “lodging” is covered by one set of rules. And “transportation” is governed by another. Want to get the whole story in language that’s easy to understand? Read my brand new article … [Read more...]
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Can an S corporation provide homeowner tax breaks?
Homeowners are individual taxpayers. Which means they’re eligible for a number of valuable tax benefits. A well-known example: Homeowners can deduct the interest paid on up to $1.1 million in mortgage debt for their primary home. And that’s just for starters. S corporations, on the other hand, offer many tax advantages but deny the homeowner benefits that individual taxpayers … [Read more...]
Don’t fear home-office depreciation recapture
Who’s afraid of the big bad home-office deduction? You shouldn’t be. Especially if what’s worrying you is depreciation recapture when you sell the home where your home-office is located. The truth is, there’s no reason to fear depreciation recapture when you claim a valid home-office deduction. You see, the simple fact is, depreciation tax benefits typically exceed … [Read more...]
Beware When Converting a Rental to Your Principal Residence
Thinking about converting your rental property or vacation home to a principal residence? Hoping to take advantage of the $250,000/$500,000 exclusion when you do? Then “caution” is the watchword. You see, the tax laws have changed and how you handle the conversion process can have a huge impact on how much you pay Uncle Sam. You’ll get all the facts when you read my new … [Read more...]
How to get a fat deduction for your timeshare
It’s a fact: You get the maximum tax benefit from a timeshare when you use it solely for business. But what happens if you use the timeshare for personal purposes only? The answer is, your timeshare can then qualify as a second home for purposes of the mortgage interest deduction. But be careful about renting out your timeshare. Doing so complicates things, generally … [Read more...]