“Your Guide to Bad Debt-LossDeductions” To get my complete, FREE articlewith all the details… In this issue of the Tax Reduction Letter, I’m going to bring you up to date on a situation I hope you never have to face... Taking a bad debt loss. Here’s the story in a nutshell: KEY FACT: There’s an important distinction that THE IRS makes between business and … [Read more...]
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Rental properties? Learn how to escape the passive-loss trap with our latest article
Rental Properties? Learn How to Escape the Passive-Loss Trap with our Latest Article Attention rental property owners: are you missing out on valuable tax deductions due to passive-loss rules? Don't let these rules continue to complicate your tax strategy. Our latest article, Plan Your Passive Activity Losses for Tax-Deduction Relevance, outlines three escapes from the … [Read more...]
Primer: When Cancellation of Debt (COD) Income Can Be Tax-Free
“Primer: When Cancellation of Debt(COD) Income Can Be Tax-Free” To get my complete articlewith all the details... Too many people are in debt and even more will likely become indebted as we possibly dip into a recession. A quick look at debt cancellation While the general federal income-tax rule states that cancellation of debt (COD) income is taxable, there are … [Read more...]
Tax Consequences of a Short Sale of Your Principal Residence
“Tax Consequences of a Short Saleof Your Principal Residence” To get my complete articlewith all the details... What is a “short sale”? A “short sale” is a way for financially struggling homeowners to avoid foreclosure. When does a short sale make sense? It can be a good move when a homeowner’s home is worth less than the amount of their loan. Here’s where … [Read more...]
Use In-Kind RMDs to Avoid Selling Your Retirement Account Assets
“Use In-Kind RMDsto Avoid Selling YourRetirement Account Assets” To get my complete articlewith all the details... The stock market has been tanking. Bonds have been losers too. But the IRS couldn’t care less that you go into cardiac arrest every time you open your monthly statements. And the law is on the side of the IRS. You see, if you’re 73 or older,you … [Read more...]