irs: Thinking of Pulling Money Out of a Retirement Account?
- 08/12/19 10:15 AM
Clients often ask about whether it makes sense to pull money out of a retirement account to purchase a home or pay for large expenses. Here’s the inside scoop: Note: visit the IRS web site for info on any of these items and check with a CPA for details about how these general rules apply in your specific situation. Conventional IRA When you take money out of a conventional IRA, you’ll generally need to pay income taxes on the funds. For example, assume you want to withdraw $50,000 out of your conventional IRA and your income tax bracket is 22%. You would be … (1 comments)
irs: Real Estate Investors Now Get a Special 20% Tax Deduction
- 04/16/19 06:28 AM
The IRS recently issued some guidelines that allow real estate investors to take a tax deduction for up to 20% of the income they generate from rental properties. These guidelines were issued in January 2019 to clarify certain provisions of the 2017 Tax Cuts and Jobs Act. Click here to view the full announcement and the new guidelines. The new tax deduction is generally available to eligible taxpayers with 2018 taxable income at or below $315,000 for joint returns and $157,500 for other filers. Those with incomes above these levels are still eligible for the deduction but are subject to limitations. … (1 comments)
irs: How to Benefit From a 1031 Exchange |Stockton| San Joaquin County
- 05/07/18 06:11 AM
A 1031 Exchange could allow you to defer the capital gains tax on the sale of investment property if you roll over all the sales proceeds into a new investment property. Here's how it works: The buyer of the investment property that you're selling gives his/her funds to a "qualified intermediary" who keeps the funds in escrow on your behalf Within 45 days of the sale of your old property, you identify a replacement property that you'd like to purchase Within 180 days of the sale of your old property, you close on the purchase of the new property. At that … (2 comments)
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