Selling your rental property? If the answer is “yes,” I’ve good news for you. The IRS will now allow you to deduct all those losses you couldn’t deduct in past years. Uncle Sam calls those past, denied losses, “suspended losses.” And to make sure that you can now claim all your formerly suspended tax deductions, you need to avoid the hidden traps the IRS has set for … [Read more...]
Passive income and losses
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Three great ways to escape the 3.8% Obamacare tax
Do you own rental property? If you do, I’ve got some good news for you… The IRS just released new safe-harbor rules that make it easy for some owners of rental real estate to avoid the dreaded 3.8% Obamacare tax! How can you legally beat the Obamacare tax that applies to last year, this year, and future years? I’ll explain three nifty escape plans when you read my new … [Read more...]
Five ways to avoid the new Obamacare tax
Watch out! The new Obamacare tax is coming. That’s right. The new 3.8 % Obamacare tax on net investment and passive income makes its unwelcome debut on your 2013 tax return. You may hear the new tax referred to as the: Obamacare tax Net investment income tax (NIIT) Medicare tax Whatever you call it, the new tax can hurt you a lot, unless you know what you’re … [Read more...]
Winning strategies for business owners of rental properties
When you own both a business and rental properties, you have to answer an important question… How should you structure the ownership of your rentals to limit liability exposure and get the best tax benefits possible? The answers to this question can be tricky. Which is why now is the perfect time to read my new, free article titled Tax Tips: Tax and Liability Answers for … [Read more...]
New federal tax rules for same-sex married couples
As a result of the recent Windsor Supreme Court decision, the IRS issued Revenue Ruling 2013-17. It states that same-sex married couples are to be treated identically to traditionally-married couples for federal income tax purposes. The new ruling makes this the perfect time to review the benefits (and disadvantages) of married status. So, no matter whom the wedding bells are … [Read more...]