rental software: 25 Minute Webinar this Friday
- 04/22/09 08:29 AM
No one ever believes me about this webinar, and I don't blame them. I know it's the greatest thing since sliced bread, but convincing others is not such an easy task. So I'll leave it up to the pros! … (0 comments)
rental software: Real Estate Taxes
- 04/15/09 06:17 AM
Last Minute Tax Tip - Real Estate Taxes Taxes paid on property assessed by a local government or other taxing authority are deductible when paid. Common fees include taxes paid to your city, county, or school district.
If you have a mortgage, usually the total amount is reported on your mortgage interest statement (IRS Form 1098). In addition to real estate taxes, the interest recipient may use box 5 to give you other information, like the address of the property that secures the debt, and insurance paid from escrow. Real estate taxes get reported on Schedule E if … (0 comments)
rental software: Why You Should HIRE FAMILY MEMBERS
- 04/14/09 08:42 AM
Last Minute Tax Tip - Hire Family Members to Manage Your Properties Property management fees are fully deductible, so consider hiring someone that you don't mind paying, like a family member. Obviously, the expense of your own labor cannot be written off, but that doesn't mean your spouse or children have to work for free.
By hiring family members, it won't bother you to pay management fees because the expense is fully deductible, and the money stays within your family :) Keep in mind you'll have to withhold Social Security and Medicare taxes for the income you pay. AND … (17 comments)
rental software: Collecting in Advance
- 04/13/09 08:27 AM
Last Minute Tax Tip - Collect Rent in Advance to Offset Loss Carryovers One main benefit of owning rental property is being able report a loss, but some taxpayers cannot take advantage of this tax shelter due to high income loss limitations. Their losses get carried forward, and cannot get deducted until they are offset with future income.
If your rental expenses exceed rental income, and your AGI limitations do not allow you to claim a loss, you can decrease the loss carryover by increasing rental income. Since rental income is taxable in the year it is collected, rental losses … (0 comments)
rental software: Traveling Away From Home
- 04/12/09 06:09 AM
Last Minute Tax Tip - Traveling Away from Home You can deduct the expense of traveling away from home if the primary purpose of the trip was to collect rental income or to manage, conserve, or maintain rental property.
You can also deduct expenses incurred while staying overnight when traveling for business. You cannot deduct the cost of traveling away from home if the primary purpose of the trip was the improvement of your property. You can read Publication 463 to learn the specifics. Everyone's tax situation is different, and this information should not substitute professional advice. Taxpayers should … (3 comments)
rental software: Expenses that can be Written Off Immediately
- 04/09/09 05:54 AM
Last Minute Tax Tip - Repairs due to Vandalism can be Expensed Immediately If rental property is damaged by vandalism, the cost of repairing the property to its previous condition is immediately deductible instead of being capitalized and depreciated.
For example, say you replaced an entire window frame on your property. Normally the cost would get added back to the basis and depreciated because windows are a component of the building structure (depreciated over 27.5 years). However, since the improvement is the result of vandalism, it is treated like a repair, and the costs are deducted in the year the … (1 comments)
No one ever believes me about this webinar, and I don't blame them. I know it's the greatest thing since sliced bread, but convincing others is not such an easy task. So I'll leave it up to the pros!
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