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Do Losses on Rental Property Carry Forward?

As an owner of or investor in rental property, you could take advantage of many deductions in addition to potentially receiving cash flow. Prospective tax benefits are one reason why many investors turn to rental real estate ownership.

Sep 28, 2024

Is Property Transfer Tax Deductible?

Is Property Transfer Tax Deductible?

Property transfer taxes are taxes on property transfers. The transfer transaction is similar to a buy/sell transaction in that ownership of the property changes. There is still a closing, potentially a real estate agent, fees, and the title. However, unlike a buy/sell transaction, there are no funds involved.

Sep 22, 2024

How Do I Report the Sale of Mineral Rights on My Tax Return?

While the royalties you could earn from mineral rights are taxed as ordinary income, the IRS considers the amount gained from selling those rights a capital gain. As with the sale of real estate or other capital assets, you must report the sale of mineral rights on Form 4797. The calculation and payment of the taxes on that gain will depend on several variables.

Sep 19, 2024

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.

Aug 23, 2024

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?

Aug 13, 2024

Inheritance Tax: What It Is And How It Works

Inheritance Tax words on a tablet

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.

Aug 5, 2024

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?

Jul 29, 2024

What Closing Costs Are Tax Deductible When Selling Rental Property?

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.

Jul 24, 2024

Can a Trust Deduct Property Taxes?

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.

Jul 19, 2024

Rental Property Depreciation: What It Is & How to Calculate It

Rental Property Depreciation Sign

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.

Jul 17, 2024

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