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.
Are Cars Exempt from Capital Gains Tax?
If you sold a car this year, you may wonder how this affects your taxes. The IRS levies capital gains taxes when you sell an asset for a profit, but how does this apply to motor vehicles? Here’s what you need to know about capital gains taxes on vehicles.
What Types Of Costs Are Included In Adjusted Basis?
The concept ofcost basis, or simply basis, is frequently used to understand taxes, amortization, depreciation, and other issues impacting real estate investments. This is because understanding the basis of an investment—in other words, what you paid for it, plus purchase-specific expenses—can impact your overall investment strategy.
Can You Deduct Realtor Fees From Capital Gains?
We’ve written a lot about capital gains. We’ve explainedwhat they are, and when theymight trigger a taxable event. Although many of Realized’s previous blogs focus on capital gains when selling investment real estate or other capital assets, it’s also possible to generate capital gains from the sale of your primary residence or home.
