What Is the Difference Between Form 1040 and 1040-SR?

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.

Feb 11, 2024

Can You Deduct Mortgage Interest on a Rental Property?

Can You Deduct Mortgage Interest on a Rental Property?

Owning a rental property can be profitable for real estate investors. An owner may be actively investing or passively investing, depending on the property. As with many investments, the ability to deduct certain expenses is an essential component of the financial equation. One expense that investors ask about is the deductibility of mortgage interest.

Feb 1, 2024

How to Report the Sale of Inherited Property On a Tax Return

How to Report the Sale of Inherited Property On a Tax Return

Anyone who’s dealt with inherited property likely knows how important the step-up in basis can be for real estate transferred to heirs upon the owner’s death.

Jan 25, 2024

Are Refinance Closing Costs Tax Deductible on Rental Property?

Are Refinance Closing Costs Tax Deductible on Rental Property?

Among the attributes of real estate investing that appeal to investors are the tax advantages that investors can use. First, the investor can deduct the costs of owning, maintaining, and operating rental property. The ability helps to reduce the taxes you pay on income from rental property. Deductible expenses include mortgage interest, property taxes, maintenance and repairs (not improvements), marketing, and similar items.

Jan 20, 2024

Do You Have to File a 706 Form to Get a Step Up in Basis?

A key saying the word inherited property on top of a portfolio folder

Inheriting property can trigger tax questions. After all, there can be taxes for the estate and the beneficiaries. But there is a lot that determines where taxes will come from on inherited property.

Jan 9, 2024

If I Sell Inherited Land, Is it Taxable?

Sign saying land for sale with a green pasture behind it

Heirs who inherit property or expect to inherit property will generally have a number of tax questions. Are taxes due now or only when I sell? Are taxes owed in the future? How much in taxes will I have to pay?

Jan 7, 2024

Learn Ways to Help Reduce or Defer Taxes

Learn Tax-Deferred Strategies
Download eBook