Thinking about putting some solar panels on your roof? It makes a lot of sense. Harnessing the power of the sun to create electricity is good for the environment, good for your electricity bill, and good for your wallet. You see, you are eligible for a generous 30-percent residential tax credit when you install solar equipment on your residence. Want to learn more … [Read more...]
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Creating More Business-Meal Tax Deductions After the TCJA
Eat up! Thanks to changes in the Tax Cuts and Jobs Act (TCJA), it’s now much easier to write-off business meals for you, your customers, other business contacts — and even your spouse! That’s right. The IRS has reverted to the pre-1963 (more business-friendly) “ordinary” and “necessary” business-expense rules. So what are they? We’ll explain fully when you read my new … [Read more...]
Personal Use of Your Rental Triggers Ugly Vacation-Home Rules
Sole use dwellings: If you own a vacation home that only you use, your tax situation is pretty straightforward. Rental dwellings: If you rent a dwelling to a tenant who lives there exclusively, you’re also in good shape. Dual use: When you use the dwelling for both personal and rental use, you create the possibility of tax-free rent, rental property deductions, and extra … [Read more...]
Secrets to Pocketing Cash by Renting a Bedroom in Your Home
The Airbnb revolution is here. This means you might be considering renting out a bedroom in your home with Airbnb, another company, or on your own. Doing so could entitle you to some nice tax benefits. But be careful! The IRS rules governing bedroom rentals are complex, and if you don’t handle everything correctly, your visiting guest could wind up being an IRS … [Read more...]
Tax-Saving Double Play: Combine Home Sale with the 1031 Exchange
If you bought your home years ago, it’s very possibly worth a lot more now. But consider this… If you own a highly appreciated home, selling could trigger a huge federal income-tax gain well in excess of what you could shelter with your principal residence gain exclusion ($250,000 or $500,000 for joint filers). And on gains in excess of the above-mentioned exclusions, … [Read more...]