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...]
Rental Properties
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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...]
How to save thousands in taxes on your second home
If you own a second home, my new article makes “must” reading. Why? Because a long-forgotten, Tax Court ruling can help you dramatically increase deductions on your second home! By the way, you won’t find any mention of this money-saving strategy in IRS guidance to taxpayers. Unless you study old cases the way we do, you might never know how to save thousands of dollars in … [Read more...]
Get a home-office deduction for your rental-property business
Sometimes IRS rulings are clear and easy to follow. But when it comes to claiming a home-office deduction in connection with your rental properties, you’re entering (play spooky music) the twilight zone. You see, in order to successfully claim the home-office deduction you really have to know the ins and outs of the law. Luckily for you, we do. And we’ll tell you how to … [Read more...]
Great news from the IRS for rental-property owners
It’s true. The IRS actually does have great news for you! You see, Uncle Sam has just decided to help out rental-property owners who’ve used the rental property as their principal residence. Here’s the story in a nut shell… Thanks to the latest IRS advice, when you sell your rental property you could end up with a negative total tax on the sale. Getting this “negative” tax … [Read more...]