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Can You Claim a Section 179 Deduction on Rental Property?

Can You Claim a Section 179 Deduction on Rental Property?

Internal Revenue Code Section 179 allows business owners to use a tax deduction for certain depreciable purchases that they would otherwise capitalize on. This IRC provision enables the business owner to take the entire deduction in the year they purchased the items. This is instead of depreciating the cost over the long term. The provision applies to specific assets such as equipment, vehicles, and software. It is intended to encourage small businesses to expand their operations by purchasing new equipment.

Jul 16, 2024

What Is A Preliminary Change of Ownership Report?

What Is A Preliminary Change of Ownership Report?

California residents performing a real estate transaction will probably be familiar with the PCOR form. PCOR stands for Preliminary Change of Ownership Report. It is found in the opening document forms (following grant deed or quitclaim deed) that are part of the opening escrow process. The PCOR and its potential follow-up form, the COR, are both important documents and should not be overlooked. Doing so can cost you thousands of dollars in penalties. In this article, we’ll look at the PCOR’s purpose and what’s involved with filling one out.

Jul 15, 2024

How Long After a Person Passes Away Will a Beneficiary Be Notified?

When a person dies, any assets they've accrued over the years can be distributed in an orderly manner if a last will and testament was made before the decedent passed away. If a last will and testament wasn't made, the assets could be controlled by the state in which the decedent resided before distribution.

Jul 6, 2024

How Are Pensions Paid to Beneficiaries?

How Are Pensions Paid to Beneficiaries?

Financial security in retirement is a paramount concern for many Americans.

Jul 4, 2024

What Is a Section 1411 Trade or Business?

What Is a Section 1411 Trade or Business?

In a recent blog, we explained the ins and outs of net investment income (NIT) and net investment income tax (NIIT). That blog pointed out that under 26 U.S. Code § 1411 - “Imposition of Tax,” NIIT is generally assessed on investment income and entities (i.e., estates, trusts, and individuals) with income higher than statutory threshold amounts.

Jun 26, 2024

Can You Buy a Multifamily Property With an FHA Loan?

Can You Buy a Multifamily Property With an FHA Loan?

FHA loans are part of a federally backed program that enables people with a lower down payment, credit issues, or other financial concerns to buy a home. A common question we often hear is, “Can an FHA loan be used to buy a multi-family property?”

Jun 22, 2024

How to Write a Relinquishment Letter for a Property

How to Write a Relinquishment Letter for a Property

When gifting property to an heir or relative, what is a simple or quick method of initiating the transaction? In real estate, there aren’t too many simple or quick things. There is a lot of paperwork and even various parties involved in completing specific transactions, and all of this can vary from state to state.

Jun 21, 2024

What Is a 99-5 Transaction?

What Is a 99-5 Transaction?

A “99-5” refers to IRS Revenue Ruling 99-5, which discusses the federal income tax consequences of a transaction that involves changing a single-member LLC (limited liability corporation) into a partnership for federal tax purposes.

Jun 17, 2024

What Is a Section 1411 Adjustment and How Does it Work?

What Is a Section 1411 Adjustment and How Does it Work?

The income you make from passive investments on your trust or estate, minus any accrued expenses, is your Net Investment Income (NII). This number is added to your Adjusted Gross Income (AGI) and determines how you are taxed according to Section 1411 when tax season rolls around.

Jun 10, 2024

Can a Power of Attorney Change a Beneficiary?

Can a Power of Attorney Change a Beneficiary?

Naming a power of attorney is the process of choosing someone to act on your behalf when you cannot do it yourself.

Jun 8, 2024

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