Did you know antique tractors are deductible? Are you aware that antique tractors can be deductible? You might be surprised to know that the IRS once tried to challenge this very topic in court. In a recent article, Tractors, Antique or Not, Are Deductible," we dive into the interesting case of Steven Hoakison and his collection of antique tractors. Hoakison faced an … [Read more...]
Section 1031: Don’t Miss This Depreciation Election Opportunity
“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...]
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...]