The Realized Team’s Picks
Do You Pay FICA on Retirement Income?
Questions about retirement income taxes confuse many taxpayers, especially when the topic is specific to Social Security and other pension-related income. After all, the taxpayer has watched those deductions be subtracted for many years. He expects to finally enjoy watching money flow back in during retirement, right? Well, not so fast. Retirement income is subject to income taxes, including FICA.
Is Land Tax Deductible on Investment Property?
Investing in land is like investing in rental properties. Any costs incurred to initially acquire land, including closing and up-front financing costs, are capitalized as basis of the investment and are not deductible at the time of purchase.
How Does Fee-Based Financial Planning Work?
Financial planners and investment advisors can help put you closer to your financial goals by creating a comprehensive financial plan that includes managing your money, providing investment advice, tax, retirement and estate planning, and many other services.
Is Retirement Pension Considered Income?
When transitioning into retirement, understanding your financial landscape is crucial. A common question we often encounter is, 'Is a retirement pension considered income?' This query pertains to how the government classifies your retirement pension for tax purposes. To simplify, most pensions, particularly those funded with pre-tax dollars, are considered income when disbursed.
What Happens If I Don't Depreciate My Rental Property?
Owning and maintaining a rental property can be expensive — not to mention a lot of work. Luckily, some of the expenses are deductible and claiming depreciation helps defray the cost of property ownership. Depreciation is a deduction that allows the investor to recoup the cost of assets (in this case, the rental property) used as a source of income.
The Basics of Single-Tenant Net-Leased (STNL or NNN) Properties
Single-Tenant Triple-Net property (also known as “Net-Lease”, “STNL” or “NNN”) refers to a property 100 percent leased to one tenant with a lease structure in which the tenant is responsible for all property-related expenses, leaving the landlord with minimal responsibilities. NNN properties are a popular choice for individuals who wish to invest in real estate, but may not have the time or desire to actively manage a property.
Can You Convert a Single-Family Property to a Multifamily Investment?
You can transform a single-family home into a multifamily investment through a conversion where you split the home into multiple rental units. However, there are things to consider before deciding to convert.
How Is Rental Income Taxed in California?
Does owning rental property in California have any special tax implications? There are certain scenarios where California’s rental income taxation can be different from other states.
What Is the Difference Between Form 1040 and 1040-SR?
If you’ve filed a federal income tax return since the year 1913, you’re likely familiar with IRS Form 1040.
