To get my complete articlewith all the details... You see, Uncle Sam wants to know what you’re up to and if you owe any taxes on your crypto activities. The IRS starts to satisfy its curiosity right at the top of your Form 1040. That’s where they ask: “At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any … [Read more...]
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Grouping: Tax Strategy for Owners of Multiple Businesses
Did you know your business losses can be suspended under the “passive activity loss” rules? Don’t panic. It’s “grouping” to the rescue. So what’s grouping all about? It’s a strategy for owners of several businesses. A proven strategy that lets you enjoy all the benefits of the intricate passive-loss rules. The basic strategy involves grouping your business activities … [Read more...]
What’s the best choice for Vacation-Home Rental? Schedule C or E?
To get my complete, FREE articlewith all the details… Do you rent out a vacation home? If you do, when it comes tax planning you have to make a choice. Should you plan to use Schedule C or Schedule Eto claim your income and expenses? “It all depends.“ Schedule C is the smart choice if you show a tax-loss on your rental property. Schedule C lets you deduct … [Read more...]
Watch Out if You Own a Home for Rental AND Personal Use!
To get my complete, FREE articlewith all the details… Do you use a home for both rental and personal use? Then I urge you to read the full article right now. Why? Because I’ll explain the complicated IRS rules that determine how much tax you’ll have to pay. Home sweet vacation home. When you use a home for both rental and personal use, the IRS considers it … [Read more...]
Both the IRS and CPA Are Wrong on a Rental Property Audit
To get my complete, FREE articlewith all the details… This is the story of a conflict between an IRS agent and a CPA. What were they arguing about? They were arm wrestling over a specific point of law… and guess what? They both were wrong! So what was the issue they were disputing? Before I tell you, here arethree key facts you need to know: Fact #1: In … [Read more...]