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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.
Can I Deduct Supplemental Property Tax?
Whether you own your own home (and use it as a primary residence) or own investment properties, you understand one thing. Namely, state and local property taxes can generally be deducted from your federal income taxes. While the Tax Cuts and Jobs Act of 2017 caps those deductions at $10,000 (or $5,000 if you are married and filing separately), the deductions can be used to help offset your income. The result is a potentially lower tax burden.
Can You Tax Loss Harvest in an IRA?
Tax loss harvesting is a tax-advantaged strategy available to investors. It applies to securities and other assets. Basically, tax loss harvesting offsets gains with losses. But can it be applied to an IRA?
1099 and Schedule K-1 Forms: What You Need to Know
The 1099 and Schedule K-1 Forms are tax return-related forms for different types of income. There are several 1099s. The one you receive depends on where the income comes from. The K-1 is for business owners or partners.
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