It’s a fact: You get the maximum tax benefit from a timeshare when you use it solely for business. But what happens if you use the timeshare for personal purposes only? The answer is, your timeshare can then qualify as a second home for purposes of the mortgage interest deduction. But be careful about renting out your timeshare. Doing so complicates things, generally … [Read more...]
Passive income and losses
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Important news for rental property owners
If you own rental properties, gaining “real estate professional” status can save you a ton of money. Why? Because if you can legitimately claim that you’re a real estate professional you can deduct rental property losses against your other income! Does this mean you have to give up your current career and tend to your rentals 100% of the time? Absolutely not… but there are … [Read more...]
Use passive-loss rules to maximize rental profits
Do you own rental property? Then my new article makes “must” reading. Why? Because it will show you how to put the passive-loss tax rules to work. And these rules are powerful! They can help increase your tax deductions and boost after-tax profits on your house rentals. Don’t miss all the money-making information I’ve got waiting for you in my new article titled Tax … [Read more...]
How to qualify your rentals for deductions
Do you own rental property? If the answer is “Yes,” then you need to pay careful attention to the “passive-loss” rules. You see, the tax law contains passive-loss rules that often prevent current-year deductions for rental property losses. If you want to avoid dangerous tax traps that can cost you big money, I urge you to read my latest article titled Tax Tips: Tax Loss … [Read more...]
Tax tips for owners of multiple businesses
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...]