“Section 1031: Don’t Miss ThisDepreciation Election Opportunity” To get my complete articlewith all the details... DEFINITION: Cost segregation study. A cost segregation study is a process that examines each element of a property, splits them into different categories, and allows you … [Read more...]
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How to Section a 1031 Exchange into a Delaware Statutory Trust
“How to Section a 1031 Exchangeinto a Delaware Statutory Trust” To get my complete articlewith all the details... Be alert to Delaware. You see, if you know how to play the game, you can do a 1031 exchange into a Delaware statutory trust. Why can this be a valuable move? Because it allows you to sell your investment real estate and defer the federal taxes … [Read more...]
Do You Owe Self-Employment Tax on Airbnb Rental Income?
“Do You Owe Self-Employment Taxon Airbnb Rental Income?” To get my complete articlewith all the details... That’s a good question. One you should be asking yourself if you use your property as an Airbnb. Well, let’s take a crack at answering the question. First... Here’s what the IRS saidin their Chief Counsel Advice (CCA): … [Read more...]
Primer: When Cancellation of Debt (COD) Income Can Be Tax-Free
“Primer: When Cancellation of Debt(COD) Income Can Be Tax-Free” To get my complete articlewith all the details... Too many people are in debt and even more will likely become indebted as we possibly dip into a recession. A quick look at debt cancellation While the general federal income-tax rule states that cancellation of debt (COD) income is taxable, there are … [Read more...]
Tax Consequences of a Short Sale of Your Principal Residence
“Tax Consequences of a Short Saleof Your Principal Residence” To get my complete articlewith all the details... What is a “short sale”? A “short sale” is a way for financially struggling homeowners to avoid foreclosure. When does a short sale make sense? It can be a good move when a homeowner’s home is worth less than the amount of their loan. Here’s where … [Read more...]