What’s worse than losing money on a sale? Losing your tax deductions for that loss on sale. That’s right. If you sell property to a “related party,” you may not deduct your loss on sale. What’s more, the loss you can’t deduct no longer belongs to you. It moves to the related party and can turn a bad situation into a holy mess! Want to find out how to avoid costly … [Read more...]
Parents
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Use a 529 Plan or a Roth IRA to pay for college
If you’re going to be paying for your son or daughter’s college education, prepare for a shock. The price of a degree these days is sky high and the sooner you start saving, the better. What’s the best way to prepare for the day you have to write that first big check? You’ll find out when you read my new article titled Tax Tips: Child’s College: Use a 529 Plan or Tap … [Read more...]
Five ways to help your adult child buy a home
Homeownership is part of the American dream. Which is why you may want to help your adult child make that important purchase. But before you pick up your checkbook, consider the tax consequences of helping out. You see, homeownership comes with some giant tax savings if you know how to play the game the right way. We’ll show you how when you read my new article titled … [Read more...]
Avoid the Big Triple-Tax Whammy When Renting to Relatives
Who would you rather rent to? A relative you know well and trust, or a total stranger who may wind up trashing your property? The answer’s obvious, but if you rent to a relative you have to be careful. You see, the IRS insists that you comply with strict fair-rent regulations and rules concerning your relative’s use of your property. Break the law and you could lose all … [Read more...]
7 year-end stock-portfolio tax strategies
2015 is coming to an end very soon, which means now is the time to turn your stock-market portfolio into a powerful tax-cutting machine. But don’t wait! If you want to save money (and who doesn’t), don’t miss our information-packed article titled Tax Tips: 2015 Last-Minute Year-End Tax Strategies for Your Stock Portfolio. Five ways our fact-filled article can help … [Read more...]