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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.
Are Legal Fees Tax-Deductible for Investment Property?

Before filing your annual tax return, you should always check what deductions and tax credits you may qualify for. There’s a good chance you incurred a few legal fees while acquiring your investment property or due to other business-related matters. If you sustain legal fees for your investment property, they may be tax-deductible.
What Is the Biggest Tax Shelter for Most Taxpayers?

Nobody likes paying Uncle Sam too much income in taxes. To reduce tax liabilities, taxpayers seek out tax shelters. A tax shelter reduces taxable income, resulting in a lower tax bill.
What Are the Penalties for Paying Property Taxes Late?

Real estate properties can be valid long-term investments, but they also come with some major expenses - most notably, property taxes. Depending on where you live, you’ll usually have to pay property taxes once or twice a year. But what happens if you pay your property taxes late?
Are HOA Fees Tax Deductible?

If you’re looking at properties, you may notice some houses and condos for sale have HOA fees in their listings. You might be wondering if HOA fees are mandatory, how often they need to be paid, what the fees cover, and if you can deduct HOA fees from your taxes. HOA payments are an added cost to consider when making your monthly housing budget.
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