This is the story of death and resurrection. No. I’m not talking about religion. I’m talking about some important changes congress made to the tax law. Let me explain… Congress, in its wisdom, left many tax breaks, called “extenders,” to expire on December 31, 2017. This means the extenders were killed for all of 2018. Ouch! Then the resurrection took place. … [Read more...]
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Converting Your Residence into a Rental Property: Tax Issues
As you probably know, residential real estate prices are way up in many parts of the country. Rental rates are also very high. That’s why you should consider buying a new residence and converting your current residence into a rental property. Why make this move? Because you can very possibly sell your rental property down the road for a much higher price! But … [Read more...]
Q&A: Claim 30% Tax Credit for a New Roof to Hold Solar Panels
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...]
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...]