Do you have a timeshare? Do you use it for business only? If you’re answering “Yes,” I’ve got some good news for you… You qualify for maximum tax benefits! That’s right. Because you’re using your timeshare for “business lodging” only, your timeshare escapes the awful restrictions imposed by the “vacation-home” rules. Personal use? If you use your timeshare for both … [Read more...]
Rental Properties
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What rental property managers must report
A rental property manager’s work is never done. And one thing he or she must never forget to do is report gross-rental-income to property owners on a 1099-MISC. This reporting responsibility can be confusing because new laws were enacted in 2010 and then repealed in 2011. Want to end the confusion and find out what property managers really need to report — and what property … [Read more...]
Important news for rental property owners
If you own rental properties, gaining “real estate professional” status can save you a ton of money. Why? Because if you can legitimately claim that you’re a real estate professional you can deduct rental property losses against your other income! Does this mean you have to give up your current career and tend to your rentals 100% of the time? Absolutely not… but there are … [Read more...]
When to sell your home to your S corporation
Looking for new ways to save money on your tax bill? Consider this… If you’re thinking of converting your primary residence into a rental property, you could be stuck with your old cost basis and have to pay a lot of tax. However, if you sell your home to your S corporation, you’ll have a new, stepped-up basis for depreciation when you rent to a third party through your … [Read more...]
How to get a fat tax deduction for building repairs
Do you own rental property or your business’s building? If you do, you need to understand the IRS’s new regulations that can have a big impact on your tax bill. You see, these regulations define what’s a tax-deductible “repair” to a building, and what’s an “improvement” that you must capitalize and depreciate. We’ll explain why repair deductions are best and how the new … [Read more...]