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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

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

Are K-1 Distributions Considered Taxable?

Are K-1 Distributions Considered Taxable?

Schedule K-1 is a tax form that reports income, losses, and dividends. The K-1 can be used by partnerships, S-corporations, and trusts to report income, losses, deductions, credit, and distributions to their stakeholders and the IRS. Depending on the issuer, the information on the K-1 is used to complete Form 1065 (partnership tax return), Form 1120-S (S-corporation tax return), or Form 1041 (trust and estate tax return).

Jan 4, 2024

Do I have to Report Rental Income from a Family Member?

Picture this scenario.

Dec 25, 2023

How Much Can You Inherit Without Paying Taxes?

How Much Can You Inherit Without Paying Taxes?

Every so often, Congress introduces bills to reduce or repeal what are known as “death taxes.” Eliminating these levies tends to create controversy; one side argues that the estates of high net-worth descendants should pay their fair share in taxes. The other side argues that such a tax is unfair to those left behind.

Dec 18, 2023

What Are Tax Planning Strategies When Your Clients Are Selling a Business?

Selling a business at a profit can generate a large tax bill. Experienced business owners know that successfully navigating the tax code is a critical skill. We’ll expand on three tax planning methods that business owners can employ to limit their tax impact.

Dec 5, 2023

Do You Recapture Depreciation on an Installment Sale?

In a previous blog, we discussed the benefits of selling real estate assets through installment sales. Offering an installment sale agreement could widen the buyer pool. Additionally, this method can help decrease capital gains taxes.

Dec 2, 2023

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