To get my complete, FREE articlewith all the details… The Tax Cuts and Jobs Act certainly did some good. But it also did some not-so-good things… For example, the Act crushed a huge chunk of business entertainment tax deductions. Ouch! Luckily, business entertainment facilities escapedthe crushing, and such facilities continue to be100% tax-deductible … [Read more...]
Rental Properties
Sorted by Date
Don’t Get Caught in the Self-Rental Trap
To get my complete, FREE articlewith all the details… Let’s say you own a building. Next, let’s say that you rent your building to your business. This arrangement, not unreasonably, is called a “self-rental.” But be aware… If you haven’t done any tax planning, your self-rental may actually turn into a self-rental trap! What exactly is the self-rental … [Read more...]
A Huge Tax Break for “Qualified Improvement Property” (QIP)
To get my complete, FREE articlewith all the details… Do you own or lease non-residential (think commercial) real property?Do you use the property for your business, or rent non-residential real property to others? If you do, the interior improvements you make to that property may be eligible for a tremendous tax break. A truly tremendous tax break! Get the full … [Read more...]
Answers to Questions about Selling Your Home to Your S Corporation
To get my complete, FREE articlewith all the details… This powerful S corporation strategy makes sense when: You want to convert your home to a rental property and realize the tax benefits of the exclusions, orYou need more time to sell your home to realize the $250,000 exclusion ($500,000 if filing a joint return) This article answers two questions: We’re … [Read more...]
Depreciating Residential Rental and Commercial Real Property: Surprises
To get my complete, FREE articlewith all the details… What’s the Holy Grail that taxpayers seek? Depreciation. Why? Because as you probably know, depreciating an asset over time can reduce your tax bill. What you may not know is that… All real property is not created equal. Here’s the difference: You can depreciate residential real property (like an … [Read more...]