[...] I can see 3 scenarios where this tax can affect real estate investors with high overall income. Interest from owner-financed properties, especially with wraps. In a wrap situation, you will not be able to offset the interest you receive from the outside loan [...]
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Taxes in December – The Year-End Tax Planning
[...] Keep in mind that certain expenses, particularly those related to rehabbing, may not be deductible until the property is rented or sold. In that case, paying the bills in December [...]
Property taxes – Should I pay in December or January?
[...] This question pops up every December: should I pay my property tax bill in December or January? Well, the answer is not that easy. Let’s tackle it one step at a time. 1. Do I really have a choice? [...]
Should I use TurboTax or hire a tax professional?
[...] In small companies, you get to know the person who does your tax return. This person still may or may not be good, but once you check him or her out, you have some comfort. Also, make sure to [ Read More...]
Can unmarried parents file jointly in California?
[...] The IRS offers a loophole. If your parents once upon a time initiated their common law marriage in a state where it was recognized, they would be considered legally married by the IRS, even while living in California. The way it works [...]
Yes, income tax is simple!
[...] situations when basic understanding of taxes is not enough. If any of the following applies to you, I’d recommend that you consult a tax professional: Business or self-employment income [...]
IRS helping investors: 2009-10 Homebuyer credit
[...] If you are looking to buy your own home for the first time – it is obviously exciting news. However [...}]
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