The TaxMan's Blog

Services for Real Estate Pros - Self Employed
I am a real estate investor. I've found that owning rental property provides some of the best tax-saving opportunities available, but resources for smaller investors are often limited. It can be difficult at times to find the right answers, so I look forward to hearing your thoughts and exchanging ideas with all of you.
I first read this story probably around 1988, and I've seen various versions of this but the message is the same. Most stories will end with "The Moral of the Story is..."A Man lived by the side of the road...and sold hot dogs.He was hard of hearing, so he had no radio. He had trouble with his ey...
Beautiful blog post, very cute! How to Deduct Expenses When Traveling Away From Home... You can deduct the expense of traveling away from home if the primary purpose of your trip was for business - like collecting rental income, managing your real estate investments, or maintaining your rental pr...
That's what the Government Accountability Office (GAO) is saying.According to a report by the Treasury Inspector General for Tax Administration (TIGTA), "there appears to be little IRS oversight of the capital gains (or losses) deferred through like-kind exchanges."And the Inman News reported tha...
That's right, I am a thief, and I just Hi-Jacked your attention. Well, now that you're here, you might as well keep reading... I was thinking of going with the title, "IRS Attacks Realtors!!! Honey, get my Bat," but apparently, many Realtors don't seem to care. Anyway, here it goes: Now that Year...
On December 11, the Joint Committee on Taxation introduced the “AMT RELIEF ACT OF 2007” to the House of Representatives, and it looks like they have FINALLY created a patch for AMT. In present law, AMT is the amount by which the tentative minimum tax exceeds the regular income tax. Regular income...
Some of you may have read this post that I wrote recently, which includes my rantings and ravings about Congress's inability to create a tax law patch for AMT.For those who don't know, AMT, Alternative Minimum Tax, is a tax that is imposed upon the WEALTHIEST families in America. The problem is, ...
I came across this, and I don't know who originally wrote it, but I would love to share it. At first I thought this was funny, and then I noticed it was awfully true... and I added a few comments at the bottom. Read all the way to the end and you'll see what I mean. Tax his land, Tax his bed, Ta...
This is all hypothetical, and to prove a point...If I gave you $100 for mowing my lawn, and you return $100 for me mowing your lawn, what is the result?You would imagine that at the end of this transaction, I should have my $100, and should have broken even.But that is not the case. We have not a...
Many people have had to sell their homes lately, and often at a loss.I feel for the families who have had to work hard to purchase their only property, only to be forced back into a lifestyle of rent.For those who still own their property, if it appears you must sell it and take a loss, I offer t...
    Hello everyone, I am the founder of the Real Estate and Taxes Group. Back in July, I wrote this post asking how many ActiveRain community members were interested in being part of a new group for real estate and taxes. I got a good response, and it was clear that there were many members out t...

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