If you’re considering selling a rental property or your home, your first instinct may be to require an all-cash offer. But this may not be the best way to go. You see, if you finance the deal yourself, you could come out a whole lot better. My advice? Keep an open mind and read my new article titled Tax Tips: Use Seller Financing to Create Wealth. Three ways our … [Read more...]
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How to solve a mortgage-interest deduction problem
If you live in a house and make mortgage payments, but someone else owns the property, can you still get a tax break? The answer is “yes!” You see, if you know how to handle things the right way, you can deduct up to 100% of the mortgage interest you pay… even if someone else’s name is on the deed and mortgage documents. Want to find out more? Easy. Read my new article … [Read more...]
The truth about home equity loans
There’s no place like home. And one way to extract value from this important asset is to take out a home equity loan. After all, interest rates on home loans and home-equity lines of credit are currently low. But, before you sign on the dotted line, you need to know how the tax law treats these loans. For example, you should learn… How much interest you can deduct What … [Read more...]
When you can (and can’t!) deduct mortgage insurance
The tax law used to help a lot of people by letting them deduct the cost of mortgage insurance. But times change, and in 2013 many of these deductions were no longer allowed. How does the current law treat deductions for government or private mortgage insurance on homes, rentals, and home-offices? You’ll find out when you read my new article titled Tax Tips: When You Can … [Read more...]
How to use corporate advances to avoid double taxation
Do you own a C corporation? If you do, you have a nasty double-taxation problem. EXAMPLE: Let’s say your corporation has $10,000 of profits after paying your salary and other expenses. If you want to use that money for personal purposes, you have to: Pay the corporate tax on the income And pay a dividend tax on the transfer from the corporation to your personal bank … [Read more...]