As you probably know, residential real estate prices are way up in many parts of the country. Rental rates are also very high. That’s why you should consider buying a new residence and converting your current residence into a rental property. Why make this move? Because you can very possibly sell your rental property down the road for a much higher price! But … [Read more...]
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Capture Your 199A Tax Deduction
Get your 94-page FREE eBook right now. (It normally sells for $129!) “A Practical Guideto the Section 199A Deduction” How to put the powerof this fabulous deduction to work for YOU! (Yours FREE as a “thank you” gift) Dear Business Owner in Search Of A Huge Deduction: I’m writing to tell you that you may be eligible for a deduction of up to 20% of … [Read more...]
Use Our New 2019 Section 199A Calculator
As you probably know, (especially if you’re a reader of the Tax Reduction Letter!), the Tax Cuts and Jobs Act created a 20-percent tax deduction for many business owners. Do you qualify for this extremely valuable deduction? The answer depends on a number of factors that you’ll need to calculate. Yes. You can make these complex calculations by hand or with tax preparation … [Read more...]
Personal Use of Your Rental Triggers Ugly Vacation-Home Rules
Sole use dwellings: If you own a vacation home that only you use, your tax situation is pretty straightforward. Rental dwellings: If you rent a dwelling to a tenant who lives there exclusively, you’re also in good shape. Dual use: When you use the dwelling for both personal and rental use, you create the possibility of tax-free rent, rental property deductions, and extra … [Read more...]
Beware: IRS Error in Rental-Property Deduction Publication
Nobody’s perfect. And that’s certainly true of the IRS. But let me be specific about how this hallowed institution messed up… The IRS publication on rental properties contains a serious error. It states that you may not deduct your premiums on mortgage insurance expenses. This is flat-out wrong and we’ll tell you why when you read my new article titled Tax Tips: Beware: … [Read more...]