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Does an Estate Pay Taxes on the Sale of a Home?
Inheriting a home after someone close to you dies can bring significant financial benefits, but it also may come with tax liabilities if you sell the home after receiving it as part of the decedent’s estate.
Can Rental Losses Offset Ordinary Income?
Many real estate investors also work full-time jobs. Wouldn’t it be great to reduce wage income (i.e., ordinary income) with rental losses?
Inheritance Tax: What It Is And How It Works
In 2022 alone, the IRS collected an estimated $33 billion in revenue from inheritance tax. So, what is inheritance tax? And why should it be a critical consideration for people who are estate planning? Realized 1031 has shared a comprehensive guide about inheritance tax and everything you should know about it.
How is Rental Income Taxed When You Have a Mortgage?
Owning rental property has positive benefits. One of those benefits could be potential cash flow from tenant payments. However, most incomes are subject to some kind of tax, and rental income is no different. But if you took out a mortgage to buy or refinance your rental property, how is your rental income taxed?
What Closing Costs Are Tax Deductible When Selling Rental Property?
Investors who sell investment real estate can deduct many of their settlement and closing costs, and these deductions can have significant tax implications.
Can a Trust Deduct Property Taxes?
For some, trusts seem to take on a powerful aura. They believe that by setting up a trust, they'll avoid probate, protect their assets, and save on taxes. You might be disappointed to know that it doesn't work quite like that.
Rental Property Depreciation: What It Is & How to Calculate It
Rental property depreciation can be one of the most powerful tools for landlords and property owners for minimizing tax liabilities and managing the financing of an acquired rental property. Depreciation allows property owners to deduct the cost of the property over time. This can significantly reduce taxable income.
How to Report the Sale of Investment Property on Your Tax Return
Selling a rental property falls under different taxation rules than selling your primary home. When you sell a rental property, it is considered the sale of a business asset and treated differently. You must report the sale to the IRS, and it is critical to know what to report and where to report it.
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. This 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.
What Is a Section 351 Transfer?
A transaction involving Section 351 of the Internal Revenue Code is a straightforward means for an individual to transfer property to a corporation in exchange for stock. This is without recognizing a gain or loss. Property transfers must be made in exchange for stock in the corporation. Immediately after the transfer, the transferor or transferors must then control the corporation that received the property. Control is defined as possessing at least eighty percent of voting rights and eighty percent of non-voting stock.
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