Leland Dunn
New Tax Law and rentals
With the new tax law going in effect in 2018 it seems nobody knows the specifics of how all this will play out, including the IRS. I did find an article that states:You qualify for an income tax deduction equal to 20%...
Account Closed
10 Biden tax plans that will sail through a Democratic-controlled
https://www.marketwatch.com/st...
Higher maximum rate
The pre-election Biden
tax plan would raise the top individual federal income rate on ordinary
income and net short-term capital gains back to 39.6%, the to...
Lucy Smith
Marital Settlement Agreement vs. IRS deduction regulations
In a non-traditional arrangement, my Ex-husband and I hold a joint mortgage, post divorce, on the property that I have exclusive use of. The property will remain jointly owned although I live in it and he does not. ...
Patrick Philip
Home building and taxes
I'm building a house intended to be sold for profit. The house is still under construction at the end of the year. If I'm $250k worth of expenses into the project, do I write those expenses in this tax year? Or do I m...
Account Closed
Tips on Travel Expenses
Business Travel Basics
A business trip is an opportunity to do productive business while earning substantial deductions. But it's important to know the rules and limitations of deductions for business trips; i.e. w...
Luis Montanez
In a "subject to agreement" who keeps the rights to claim tax deductions?
In the ideal circumstance the title of all your properties will be under a corporation and all transactions and deductions under the corporation so any profits or loss will flow to your personal incom. However, since...
Bruce Angel
How much insurance do you need
We are in the process of closing on our first property. It is a foreclosure. The price is 61,000 with rehab estimated at 50,000. The city said we need Hazard insurance. What type of insurance do we need and how muc...
Chase Honeycutt
primary mortgage vs investment rental mortgage & new tax bill
With the new tax bills 24K std deduction most folks will no longer itemize...now throw in that a lot of folks here have rental properties with equity in them.... Given the above shouldn't we all be trying to leverage ...
Rafael Castillo
Business tax deductions-- How do I start?
I would like set up my business to take full advantage of every tax deduction. Should it be a LLC? Your help or guidance will be greatly appreciated.
Stephen R.
Lose a tax deduction for donated property?
I'm looking to pick up a property that was donated to a charity. (Actually to be more specific it seems it was quitclaimed for $10) I'm being told that the charity will not agree to my offer price because they are con...