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...]
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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...]
How to turn your timeshare into a hefty deduction
Do you have a timeshare? Do you use it for business only? If you’re answering “Yes,” I’ve got some good news for you… You qualify for maximum tax benefits! That’s right. Because you’re using your timeshare for “business lodging” only, your timeshare escapes the awful restrictions imposed by the “vacation-home” rules. Personal use? If you use your timeshare for both … [Read more...]
Avoid taxes on the sale of a home with an office
If you’re claiming the home-office deduction and are planning to sell your home, I’ve got good news for you. Thanks to the principal-residence tax-free exclusion and the “1031 exchange” you can avoid taxes on the sale of your home. What’s more, you can enhance your deductions on your replacement home! Want to get the whole story? Check out my new article titled Tax … [Read more...]
The truth about foreclosures, short sales, and modifications
I sure hope your home isn’t “under water” and that paying your mortgage isn’t a problem. But if you have a relative, friend, or client who is facing difficulties, my new article makes “must” reading. You see, I’ll explain in easy-to-understand language how the tax law treats the foreclosure, short sale, or loan modification on a principal residence. An unpleasant subject? … [Read more...]