- Vacation Home Rentals: How the Income Is Taxed
- If you have a second home in a resort area, or if you have been considering acquiring a second home or vacation home, you may have questions about how rental income is taxed for a part-time vacation-home rental. The applicable rental rules include some interesting twists that you should know about before you begin renting. Although some individuals prefer to never rent out their homes, others find such rentals to be a helpful way of covering the cost of the home. For a home that is rented out part time, one of three rules must be considered, based on the length of the rental:
- Increased Business-Vehicle Deductions Due to Tax Reform
- The Tax Cuts and Jobs Act of 2018 and other tax reforms have brought about significant changes in the way that vehicle use is deducted for business purposes. Before getting into these changes, it is appropriate to first provide a review of the two methods for deducting the use of a business vehicle.
- Did You Sell Stocks, Real Estate Or Other Assets This Year?
- When preparing your tax return these transactions receive special treatment and may require some extra tax appointment preparation. These include the following covered in this video.
- Tax Season Is Here. Check Out These Tips To Get The Most Out Of Your Tax Appointment.
- When you arrive at your appointment fully prepared, we’ll have more time to explore additional deductions and consider a tax plan for the future.
- Several Ways to Defer the Tax on Gains
- When a sale of a business or investment property results in a gain, the seller is typically taxed on that gain during the year of the sale, even when the gain was generated over many years. However, the tax code provides opportunities to spread this gain over several years, to postpone it by deferring the gain into another property, or to simply defer it for a specified period of time. These arrangements can be accomplished by selling the property in an installment sale, by exchanging the property for another, or by investing in a qualified opportunity fund. As with all tax strategies, these options have unique requirements. The following is an overview of what tax law says about these strategies.
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