To get my complete, FREE articlewith all the details… You open the mailbox and there it is… That dreaded letter from the IRS informing you that you’re going to be the target of a comprehensive audit. Ouch! (By the way, the stiff drink you gulp down, and the adult diapers you purchase, are NOT deductible!) Are you prepared for your audit?Your IRS agent sure … [Read more...]
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Harvest and store your tax losses on Bitcoin and more
To get my complete, FREE articlewith all the details… No one likes to lose money on their investments. However, there is a provision in the tax code that can take away some of the pain. I’m talking about the chance to take advantage of “tax-loss harvesting.” In this article, I’ll explain how tax-loss-harvesting rules affect the selling and repurchasing of … [Read more...]
Why the court denied passive-loss deductions on rentals
To get my complete, FREE articlewith all the details… Do you own rental property that’s losing money? If you do, you’d better understand the IRS’s “passive loss” rules. You see, if you know the rules and follow them, you can maximize your rental profits. If you don’t you’re inviting an IRS audit. Ouch! Are you going to come out apassive-loss winner or a … [Read more...]
How one subscriber saved $55,000 fighting an IRS audit
To get my complete, FREE articlewith all the details… One of our husband-and-wife subscribers to the Tax Reduction Letter had a big tax deduction denied by the IRS. But thanks to the advice they got in one of our issues, they were able to successfully win their appeal and keep their $55,000 deduction! Here’s the back-story. The husband and wife owned three … [Read more...]
A Dangerous Duo: The IRS and the Tax Assessor
To get our complete, FREE articlewith all the details… Knock, knock. Who’s there? The IRS tax auditor. The IRS tax auditor who? The IRS tax auditor who’s going to make your life a living hell because you don’t have proof of your cost allocation to land and depreciable buildings. Actually, this is no joke. If you own rental property, you’d better come up … [Read more...]