Should you buy an office and rent it to your business? Be careful! If you don’t know what you’re doing you could be engaging in a “self-rental” that limits your loss deductions and taxes your profits. In other words, handle things the wrong way and the IRS can get you coming and going. The good news? There’s a solution, and you’ll find out what it is when you read my new … [Read more...]
Passive income and losses
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How to get a fat deduction for your timeshare
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...]
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...]