Image from https://monocounty.ca.gov/ Building Wealth with Short-Term Rentals Real estate is a great way to diversify your portfolio and increase your net worth. However, if being a landlord doesn’t appeal to you, consider short-term rentals. While there’s still work involved in maintaining the property, you control when the property is available and what amenities you… Continue reading Building Wealth with Short Term Rentals
Image from https://agiled.app Depreciation is a term you’ll want to know and understand if you own a rental property. It’s one of those rare deductions you get without spending another dime other than what you paid to buy the property. You can also take a depreciation deduction every year you own the property, even… Continue reading How Depreciation Works
Image from https://realwealth.com/ If you own a home that you rent out, but also use personally, you may be able to take certain tax deductions if it qualifies as a rental property. To qualify as a rental property, you must rent the home out for at least 14 days throughout the year, and you must… Continue reading Tax Tips for Vacation Home Rentals
Image from https://www.picnictax.com Cryptocurrency is a popular way to invest today, but too many taxpayers aren’t reporting it correctly on their tax returns. Even though crypto isn’t actual money, it is property much like gold. When you use crypto, just like any other commodity, it may incur taxable income. According to the IRS, millions… Continue reading Tax Reporting For Crypto
Image from https://www.gocurrycracker.com Did you know that the federal income tax table isn’t a true picture of how much you pay in taxes? Your tax rates are based on many other factors that aren’t on the tables. For example, you may owe net investment income tax (NIIT). This tax is 3.8% on top of… Continue reading Understanding and Avoiding Net Investment Income Tax (NIIT)
Image from https://renttoretirement.com It’s no secret that real estate professionals get a lot of deductions, but the IRS doesn’t let just anyone qualify and take the deductions. You must meet the IRS guidelines to take the deductions. Fortunately, they aren’t hard to meet and if you meet these two requirements, you can take advantage… Continue reading How to Qualify for Real Estate Professional Status
Image from https://www.alamy.com/ Most people focus on the size of their tax refund rather than on lowering their tax liability. It’s common thinking, so no one is at fault, but it’s time to learn the true value in reducing your taxes versus getting that ‘big fat check’ at tax time. Getting a large refund means… Continue reading REAL ESTATE AND TAX PLANNING
Image from www.e-marketingassociates.com If you earn a lot of money, you pay a lot of taxes. It’s life, right? Wrong. Even if you are a W-2 employee, there are ways to minimize your taxes. It takes a little thinking outside the box, but with the strategies mentioned below, you can watch your tax liabilities decrease.… Continue reading Tax Planning Tips for High Wage Earners
Image from www.cityofdeadwood.com If you’re interested in rental real estate, consider short term rentals. You’ll earn money regularly when you rent the property out and you may realize many tax benefits from the investment strategy. Not sure how to get started in short term rentals? Keep reading to learn the steps below. Determine What… Continue reading Investing in Short Term Rentals? Here’s What You Must Know
Image from www.pathwaylending.org Choosing between a partnership and corporation is a big decision, but the IRS tends to favor partnerships with more tax benefits. This doesn’t mean there aren’t downsides to partnerships, though. Both the positives and negatives are disclosed below so you can decide for yourself which business type is right for you.… Continue reading Choosing Your Business Structure