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...]
Rental Properties
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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...]
Watch Out if You Own a Home for Rental AND Personal Use!
To get my complete, FREE articlewith all the details… Do you use a home for both rental and personal use? Then I urge you to read the full article right now. Why? Because I’ll explain the complicated IRS rules that determine how much tax you’ll have to pay. Home sweet vacation home. When you use a home for both rental and personal use, the IRS considers it … [Read more...]
Little-Known Rule Can Slash Your Principal Residence Tax Break
To get my complete, FREE articlewith all the details… Are you thinking about selling your principal residence? Then you may be eligible to take advantage of some huge tax savings. I’m talking about the "principal residence gain-exclusion break.” The good news: Thankfully, the federal income tax gain exclusion break for principal residence sales is still on … [Read more...]