Did know that when you own more than one business, you need to consider the IRS’s “grouping” rules that apply for passive loss purposes? At first glance, the need for this disclosure may cause you to groan. But it shouldn’t. You see there’s a useful audit-proofing aspect to this disclosure that can actually work for you! You’ll get the details when you read our new article … [Read more...]
Losses
Sorted by Date
Income tax on debt relief
If you are personally liable for a debt, and that debt is canceled or forgiven, you must include the canceled debt as taxable income on your income tax return. Will you have to pay taxes on this income? You’ll find answers to this and other important questions when you read my new article titled Tax Tips: Income Tax on Debt Relief. Three ways our fact-filled article can help … [Read more...]
Tax tips for your rental, non-rental, and business losses
Nobody likes to take a loss on their business, rental, or non-rental investments. But there is a (somewhat) bright side to these losses. You can deduct them and put that cash where you need it. In your pocket. That’s why you should read our new article titled Tax Tips for Rental, Non-Rental, and Business Losses. It will show you how to build your net worth by handling your … [Read more...]
Tax tips on a failed rental property purchase
The government loves it when you make a lot of money. And why shouldn’t it? It gets to take a nice chunk of your income in the form of taxes. But what happens when you have some bad luck and don’t earn a whole lot? The government still loves you. When your attempt to make money fails, Uncle Sam allows you a tax deduction for your losses. Our new article titled Tax Tips … [Read more...]