Here’s a good news double header… Good news #1: You can be both a real estate investor and a real estate dealer with respect to your real estate portfolio. This puts you where you want to be. In control. Good news #2: By knowing just a few rules about dealer/investor classifications, you can dramatically increase your net worth. Want to find out more? Read my new article … [Read more...]
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Tax reform and the cannabis industry
Thinking about getting into the cannabis business? Then our new article makes must reading. Why? Because we’ll explain how the Tax Cuts and Jobs Act impacts an important decision you’ll have to make… which form of business entity to choose. Want your new business to get off on the right foot and keep Uncle Sam happy? Read my new article titled Q&A: Tax Reform and … [Read more...]
Do triple-net leases qualify for a 199A deduction?
Let’s start with a definition… A triple-net lease requires the lessee to pay the landlord rent and take care of real estate taxes, building maintenance, and property-management costs. If you use triple-net leases for your rental properties, you may be wondering if you’re eligible for the valuable Section 199A 20-percent deduction. Our answer is an absolutely definite … [Read more...]
Three ways to take money from your IRA, penalty free
If you’re like most taxpayers, you probably believe this statement… “IRA accounts lock up your money until age 59 ½, unless you’re willing to pay a 10-percent penalty to access your money.” Not true. This is a myth. The fact is, there are three ways you can take money from either a traditional IRA or Roth IRA. And yes. You can do this tax-free and penalty-free, for any … [Read more...]
Audit-proof your time spent on rental properties
If you claim status as a tax-law-defined real-estate professional, you’ll be able to deduct your rental-property losses. But “claiming” that you’re a tax-law-defined real-estate professional is very different from proving that you are. And the IRS wants proof that you… Spend more than one-half of your personal service time in real-property trades or businesses in which … [Read more...]