Can You Exclude Rental Income From Your Tax Return?
Wednesday, March 21
We already know that owning rental property is a tax-friendly investment. Let’s take it one step further…What if your rental income isn’t taxed at all?I know what you might be thinking – income that doesn’t have to be reported on your tax return? Surely, you can’t be serious.Oh, I am serious. And...
How to Avoid Taxes When Selling Your Home
Wednesday, March 07
How would you like to pay no (or less) tax on the sale of your home, even if it appreciated in value?Whether you’re making a move for work, starting a family and needing to upsize, empty nesters looking to downsize, looking for a change in scenery, etc., you can avoid a substantial amount, if not...
Landlords: This Common Mistake Could Cost You Thousands of Tax Dollars
Wednesday, February 21
You just bought an investment property. It needs some cosmetic work, but nothing major. Whether it’s your first or tenth property, you’re excited. You’re eager to get started on the rehab so you can rent it out and begin earning some cash flow.You start the rehab right away. Two months and $15,00...
Depreciation Recapture: The Dark Side of Depreciation
Wednesday, February 07
So now that you know the ins and outs of depreciation and how great it can be for landlords, let’s take a closer look at the downside: depreciation recapture.Disclaimer: For the purposes of this article, we are only going to discuss depreciation recapture in relation to residential real property,...
Why Depreciation Is a Landlord’s Best Friend
Wednesday, January 24
Raise your hand if you’ve heard of depreciation before.Now, raise your hand if you can define what depreciation (in relation to accounting) is…Allow me to help – depreciation is the allocation of the cost of an asset over its useful life. It represents the decrease in the asset’s value over time....
Homeowners vs. Investors: What These Tax Changes Mean For You
Wednesday, December 27
Trump’s new tax bill was signed into law, wrapped, and put underneath the tree just in time for Christmas, marking the biggest tax overhaul in over thirty years.f you find yourself in a panic and a bit of a haze trying to figure out what this all means for you, you’re not alone. One of the most c...