Tax Tips

All income from rental properties must be reported as part of your gross income on your tax returns. This includes any monies received for either the use of or occupancy of your rental property. In addition, any of your rental property expenses paid by a tenant must also be included as rental income. Read on…

There are several tax breaks for landlords that let property owners reduce their tax obligations and keep more of their cash to put back into their golden goose. Tax Deductions for Landlords Tax deductions for landlords fall into a few different categories. Some deal with money spent maintaining the property, others help landlords compensate for contract…

Becoming a landlord presents incredible opportunities for stable passive income. However, on top of the general uncertainty brought forth by a pandemic, renting out property also presents new financial and legal obligations, including taxes. There are several nuances to taxation of rental income, especially since there are differences between how the IRS treats real estate professionals renting out…

Stephen Ashley isn’t sure how much his company will benefit from a 116-word tax break for residential property owners slipped into the omnibus and coronavirus relief package late last month. But the Rochester, N.Y., apartment developer thinks it will be worth more than the $540,000 his company spent lobbying for what he describes as a…

Proposition 19, billed as “The Property Tax Transfers, Exemptions, and Revenue for Wildfire Agencies and Counties Amendment,” passed with  51.1% of California voter approval in November. As a result, 2021 will see sweeping changes in property taxes assessed on personal residences. There’s good and bad news. Let me note here that I’m going to simplify…

Small business owners already struggling because of the COVID-19 pandemic and state-ordered shutdowns or capacity restrictions now face another hurdle to surviving 2020: an unexpected tax hit. That’s because of a November ruling by the IRS for business owners who took out a forgivable loan earlier this year through the Paycheck Protection Program, or PPP….

Presidential hopeful Joe Biden has proposed a dramatic revision of the tax code. While the details are unknown, the big picture is to roll back President Trump’s centerpiece legislation, the Tax Cuts and Jobs Act of 2017, and make the tax code much more progressive. Biden’s plan, called “The Biden Plan for Mobilizing American Talent…

Guide to Tax on Rental Income If you have a condo or a house that you wish to rent, you might also want to update yourself about the tax on rental income. Yes, you heard us right. Income taxes are charged on rental properties. The good news: you are not taxed the entire amount of…

Posted on Oct 20, 2017 While being a landlord is often a difficult job, the tax benefits that come with owning investment properties help sweeten the deal. Whether you are already a landlord or thinking of investing in property, learn about the investment property tax benefits available to landlords.   Mortgage Interest Deduction Your mortgage loan accrues…

There are strict limitations on losses from investments in tax shelter deals, such as limited partnerships. Generally, tax shelter losses can be offset only against income from similar investments. Shelter losses can’t be used to wipe out taxes on nonshelter income, such as wages and stock market profits. However, the tough anti-shelter restrictions are subject…