Thinking about selling your rental property? Then consider financing the deal yourself. (Real-estate pros call this arrangement a “seller take-back.”) If you’re worried about a buyer not paying up, you should know that a default can actually be profitable for you. Here’s some good advice… read my new article Tax Tips: Cash In When the Buyer Defaults on Your Seller … [Read more...]
Rental Properties
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Here’s a great idea for rental property owners!
If you’re a rental property owner you’re probably aware of two important facts: FACT #1: Your rental property provides you with a nice tax shelter when you deduct your losses against your other income. FACT #2: In order to deduct those losses, you have to pass Uncle Sam’s 750-hour test. What you might not know is that your home office can help you pass that important … [Read more...]
Turn your rental property into an IRS-approved tax shelter
Here’s good news for rental property owners… If you know the tax law, and avoid dangerous IRS traps, your rentals can provide you with tax shelters that can save you a lot of money. Want to find out how to win the game and still stay in Uncle Sam’s good graces? It’s easier than you think. All you have to do is read my new article titled Tax Tips: Reinstate Your … [Read more...]
How a new IRS rule allows property owners retroactive deductions for prior year property fix ups
Attention property owners! This year only, the IRS will let you take extra deductions for certain renovations you made to your business or rental property in prior years! That’s right. The new law gifts you retroactive tax benefits (also known as cash)! EXAMPLE: Say you made major repairs on your property some years ago at a cost of $50,000. Thanks to the new rules, the IRS … [Read more...]
How to use your rental real estate as a tax shelter
It’s a fact… Your rental properties can do more than generate income. They may also be able to create losses you can use to offset income from your business! Yes. It’s true. Harvesting rental real-estate tax losses is more difficult now than it used to be, but it’s still possible! Your ability to make use of your losses depends on how much time you spend managing your real … [Read more...]