To get my complete, FREE articlewith all the details… This powerful S corporation strategy makes sense when: You want to convert your home to a rental property and realize the tax benefits of the exclusions, orYou need more time to sell your home to realize the $250,000 exclusion ($500,000 if filing a joint return) This article answers two questions: We’re … [Read more...]
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Cash In on the Home Internet Deduction
To get my complete, FREE articlewith all the details… Do you do some work at home? Then I bet you use your home internet connection. I also bet that you may not know the IRS rules concerning the deductibility of your monthly internet expenses. That’s why I wrote this article in the new issue of The Tax Reduction Letter. I want you to learn how to deduct all the … [Read more...]
Watch Out if You Own a Home for Rental AND Personal Use!
To get my complete, FREE articlewith all the details… Do you use a home for both rental and personal use? Then I urge you to read the full article right now. Why? Because I’ll explain the complicated IRS rules that determine how much tax you’ll have to pay. Home sweet vacation home. When you use a home for both rental and personal use, the IRS considers it … [Read more...]
Little-Known Rule Can Slash Your Principal Residence Tax Break
To get my complete, FREE articlewith all the details… Are you thinking about selling your principal residence? Then you may be eligible to take advantage of some huge tax savings. I’m talking about the "principal residence gain-exclusion break.” The good news: Thankfully, the federal income tax gain exclusion break for principal residence sales is still on … [Read more...]
Be Sure You Know the Tax-Home Rule
To get my complete, FREE articlewith all the details… Do you ever travel out of town for work? If you do, you probably know that you can deduct a whole lot of expenses when you’re away from home on business. What you may not know is that the IRS may decide you also have a “tax home” at that travel destination that denies your travel deductions. Definition: Your tax … [Read more...]