To get my complete, FREE articlewith all the details… Are you going to sell your home, or are just thinking about it? Then you may be eligible to take advantage of one of the most terrific tax-breaks allowed by the IRS! I’m talking about the “Principal Residence Gain Exclusion” break. Why this money saving opportunity is so important now. As you know, the … [Read more...]
Rental Properties
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How one subscriber saved $55,000 fighting an IRS audit
To get my complete, FREE articlewith all the details… One of our husband-and-wife subscribers to the Tax Reduction Letter had a big tax deduction denied by the IRS. But thanks to the advice they got in one of our issues, they were able to successfully win their appeal and keep their $55,000 deduction! Here’s the back-story. The husband and wife owned three … [Read more...]
A Dangerous Duo: The IRS and the Tax Assessor
To get our complete, FREE articlewith all the details… Knock, knock. Who’s there? The IRS tax auditor. The IRS tax auditor who? The IRS tax auditor who’s going to make your life a living hell because you don’t have proof of your cost allocation to land and depreciable buildings. Actually, this is no joke. If you own rental property, you’d better come up … [Read more...]
IRS Defines Real Property for Section 1031 Like-Kind Exchanges
To get our complete, FREE articlewith all the details… To paraphrase the Bible… “The IRS giveth and the IRS taketh away.” What the Tax Cuts and Jobs Act (TCJA) took away was Section 1031 tax-free like-kind exchanges for personal property. What was given, was a change in the law that limits (so-called) exchanges to real property only. So what does Section 1031 … [Read more...]
How Renovating a Historic Building Can Put Cash in Your Pocket
To get our complete, FREE articlewith all the details… Have you heard of the federal “Rehabilitation Tax Credit”? If you haven’t, our new article makes must reading. You see, the Rehabilitation Tax Credit is a 20% tax credit available to owners or leaseholders who renovate certified historic buildings. Tax credits, unlike deductions,slash your tax bill … [Read more...]