Is your vacation home a personal residence or a rental property? It sure matters to the IRS! The distinction has serious implications for how big your tax bill will be. IMPORTANT FACT: If you have a home that you rent out and use personally, you have an IRS-defined “vacation home.” According to the IRS, your vacation home is either a personal residence or a rental … [Read more...]
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How To Use a Reverse Mortgage as a Tax Planning Tool
To get my complete, FREE articlewith all the details… If you’re a senior, it’s possible you may need a sizable chunk of cash to meet expenses or maintain your lifestyle. That’s where a reverse mortgage can come in. A reverse mortgage is a kind of loan that lets homeowners, ages 62 and older, borrow part of their home equity as tax-free income. (In the full article, … [Read more...]
Answers to Questions about Selling Your Home to Your S Corporation
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...]
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...]