Is a Property Fix-up and Sale an Investor or a Dealer Property? Background I’m an independent computer consultant who nets $100,000 from my proprietorship. I bought a house in March 2019, fixed it up, and sold it in April 2020 at a net profit of $85,000. I bought...
Imagine this: Tax deduction for you Tax-free income for Mom and Dad It doesn’t have to be Mom and Dad. The tax-free income can go to your brother or sister, or your best friend. To make this work, you need to have a business reason to travel and stay overnight at the...
2020 Last-Minute Year-End Tax Strategies for Marriage, Kids, and Family If you have children under the age of 18 and you file your business tax return as a proprietorship or partnership, you can find big savings in the work your children do for your business. And if...
The big five tax breaks that most likely impact yourForm 1040 Congress let many tax provisions expire on December 31, 2017, making them dead for your already-filed 2018 tax returns. In what has become a much too common practice, Congress resurrected the dead...
Tax Issues of Converting Your Residence into a Rental Property The simple maneuver of converting your personal residence to a rental property brings with it many tax rules, mostly good when you know how they work. The first question that arises when you convert a...
Know These Tax Rules If Your Average Rental Is Seven Days or Less If you own a condominium, cottage, cabin, lake or beach home, ski lodge, or similar property that you rent for an “average” rental period of seven days or less for the year, you have a property with...
