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Home · Property Management · Tax Tips (Page 4)

1.  Know Your Tax BracketThis is where every taxpayer needs to start.  What is your tax bracket?  If you don’t know this number, just pull out your tax return from last year.  Look at the taxable income and look up the rate that is located in the tax tables. This will help you when looking…


The legislation that extended the Bush-era tax cuts for two more years will likely benefit landlords in a number of ways. The key portions of the bill which affect landlords include:


Property managers running their own companies should prioritize for end of the year tax planning, and keep more money in their pockets by taking advantage of the tax benefits available to them.


Claim Home Office, Workshop, Garage Deduction If requirements are met, this is one of the best deductions as it enables conversion of non-deductible personal expense into a tax-deductible rental business expense. Besides deducting expenses for use of space at home for office work, you can deduct space used as work- shop for rental business. If…


Tip #64: Get it Together by Thomas F. Scanlon, CPA, CFP®. Landlords should be gathering the information they need to complete IRS Form 1099 now. If they hire any unincorporated business and pay them more than $600 they are required to issue a 1099. This could be for lawn service, snow removal, repairs and maintenance….


Property owners and landlords who could not complete their 1031 exchange due to qualified intermediary’s bankruptcy have been provided relief by IRS. Their exchange is considered completed and Rental Property Owners, Landlords caught in this situation may use a special safe harbor method to report gain or loss.


by Wallace Gibson, CPM, GRI Millions of rental property owners pay more state and federal taxes on their rental income than they should. Why? Many fail to take advantage of ALL of the tax deductions available to them because they do not know and can not get good counsel on this issue. Millions of rental…


by Robert Cain The trick is to stop thinking of it as “your” money. IRS auditor A real estate broker I know was complaining a few years ago about how much he had to pay in taxes. Considering his personality, his complaint was part complaint and part bragging. Because, of course, the more money you…


IRS worker touts perk, but CPA disagrees by Benny Kass, Inman News DEAR BENNY: My husband and I built a townhouse in 1983 for $33,000. We lived there for a few years and then rented it out for 17 years, taking all the tax advantages such as depreciation, etc. In 2003 we sold it for $90,000,…


Must current home be sold to qualify? by Benny Kass, Inman News DEAR BENNY: My wife  and I are considering a move to Arizona.  As we have lived in our current townhome for six years, I am sure we would be  eligible for the homebuyer credit of $6,500. What I cannot find is any  reference…

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