Have you ever thought about buying season tickets to the games of your favorite football, basketball, baseball, hockey, soccer, or other team? If you want to do so, you’ll have to buy a Personal Seat License (PSL). (It’s the license that grants you the right to buy the season tickets.) If you’re thinking about using the sports tickets for business entertainment purposes … [Read more...]
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How to turn rental-property losses into tax deductions
Here’s good news for rental-property owners… Your rental property can serve as a valuable tax shelter when you claim tax deductions for your rental-property losses against your income. But to take advantage of this useful tax shelter you need to: Qualify as a tax-defined real estate professional Pass a “material participation test” for each shelter property We’ll … [Read more...]
The right way to handle a Section 1031 rental exchange
Do you own rental properties? Do you want to grow your rental-property business? Then you need to know the ins and outs of the Section 1031 exchange. Mr. Adams did. That’s why he was able to overcome an IRS objection that his Section 1031 exchange failed because his replacement rental-property fit his son’s family’s needs. We’ll explain the Adams case and show you how to … [Read more...]
How higher tax rates can increase rental property profits
Higher taxes mean lower profits, right? Wrong! Even though the American Taxpayer Relief Act of 2012 (and other tax-law changes) can mean higher taxes on your rental properties, you can still come out smelling like a rose. You see, the new, higher tax rates can actually leave you with more after-tax cash in your pocket. How does this work? We’ll explain this paradox and … [Read more...]
How to deduct a loss on the sale of a timeshare
When it comes time to sell your timeshare, you may not make a lot of money. In fact, in this tough economy your timeshare may actually be sold at a loss. If that’s the unhappy situation you face, you’ll need to know if you can deduct that loss come tax time. As is often the case with the tax law, the rules are pretty tricky. Which is why I urge you to read my brand new … [Read more...]