Do you rent property to your business? Then be careful. You see, under the IRS’s “self-rental” rule, you could lose money in two painful ways. You could forfeit the juicy tax breaks you’re expecting. You could wind up paying unexpected taxes. And remember, this is true even if you create a separate entity that rents the property to your business! What can you do to … [Read more...]
Rental Properties
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Tax Secrets of Renting a Bedroom in Your Home
Do you have a spare bedroom(s) that you’d like to rent out? Go right ahead. I’m sure you’d like to pocket some extra cash and put that spare room to use. But be careful. You see, the IRS has set some dangerous traps for you that could cost you big money. If you want to stay on Uncle Sam’s good side, take my advice and read my new article titled Tax Tips: Secrets to … [Read more...]
How your closing statement can work for you
Want to save on your tax bill when you buy a rental property? Then pay close attention to the closing statement. If you’re smart, you’ll go over the statement’s line items and assign each to one of three categories… Business Loan acquisition Operations Then you’ll be in a position to consider the best tax strategy for each category. Want to learn how to use … [Read more...]
Three traps rental-property owners should avoid
When it comes to deducting mortgage interest on your home, the tax law is pretty straightforward. But when it comes to deducting mortgage interest on your rental property, it’s a different matter entirely. You see, Uncle Sam has set some traps for you that can cost you big time. Want to learn how to avoid three major rental-property interest-deduction traps and come out … [Read more...]
How seller financing can make you a fortune!
If you’re considering selling a rental property or your home, your first instinct may be to require an all-cash offer. But this may not be the best way to go. You see, if you finance the deal yourself, you could come out a whole lot better. My advice? Keep an open mind and read my new article titled Tax Tips: Use Seller Financing to Create Wealth. Three ways our … [Read more...]