RENTING YOUR PROPERTY TAX FREE
Did you know you can rent your property tax free for a limited time. Learn more here:
Tag Archives: property
GIFTS: WHO PAYS TAX AND WHEN?
Receiving a gift is not a taxable event to the one who receives the gift. If the gift is large enough, it could result in gift tax being due by the donor. In any case, you are not to report any gifts you receive on your income tax return. This is true whether the gift Read More…
REINSTATEMENT OF 2017 EXPIRED FEDERAL TAX DEDUCTIONS
As a result of the government shutdown, at mid-night on February 8, 2018, Congress passed, and the President signed, the Bipartisan Budget Act of 2018, on February 9th. Congress included several tax extenders as part of the Budget Deal, which had previously expired at the end of 2016. The Bipartisan Budget Act of 2018 consists Read More…
PREPAYING 2018 PROPERTY TAX PAYMENTS
Under current tax law, you can deduct taxes paid to state and local governments, including property, income, and sales taxes. But the new law that takes effect in 2018, caps the deduction at $10,000, either for property taxes, state and local income taxes, or sales tax. Homeowners whose property taxes are more than $10,000 and Read More…
TAX TIDBIT: LIKE-KIND EXCHANGES
Taxpayers pay a tax when they sell their business or investment property, and realize a gain on the sale. However, if the property is exchanged for “like-kind” business or investment property, the gain on the sale of the property will be deferred. Like-kind property is defined broadly. Exchanging a rental property for another rental property, Read More…
