I am due to recieve 50k in captial gains from an inheritance this week which falls under my 2022 taxes (that now has to be amended). In talking to my tax lady that 50k throws me into another tax bracket which has me l...

I want to show you how you can get paid to buy a vehicle for your business under tax deduction Section 179. You can potentially write off the entire price of a business vehicle depending on the cost and strategy used....

Hi,Regarding federal cap gain taxes, let's say I have a house I'm selling for $1,000,000 and my adjusted cost basis is $100,000 net (I bought the house 10 years ago) My annual income is $5000.  Is it the case that:(1)...

Good day everyone! I am currently in negotiations with a seller.  He asked a tax question that I am not sure how to answer.  He asked how much taxes will he have to pay when he sells his house.  He has lived in the re...

Let's say you have an expense that is a repair. You have two different quotes for two variations of the repair job. For context, your cash flow/income is small. One quote costs more than the other. Is it better to max...

Like many of us, I have created my own spreadsheet calculator to analyze multi-unit properties. I am struggling to understand how depreciation and taxable rental income should be calculated in the spreadsheet.As I cur...

I'm having a difficult time calculating tax gain/loss from a property sale and was wondering if someone could help me with calculations.Purchased Home in 2005 for $145500Converted personal home to a rental property in...

Looking to build a future financial cushion that keeps us in the lowest taxable income brackets possibleGetting to the point where we may have additional funds to invest. Then there are investment properties which we ...

Hi All,I am under contract on my 3rd acquisition in 2018, so I have yet to actually file a tax return with rental income on it. Is there a general rule of thumb for how much you actually pay in rental income tax after...

Tax season! We bought a property in 2022, remodeled and sold it in 2023, over a year after the purchase. We did most of the rehab work ourselves. Will the profit be counted as self- employment income or long-term inve...