Section 1031 Exchanges or Qualified Opportunity Zone Funds?
Have you sold, or are you planning to sell commercial or rental property? To avoid immediately paying capital gains tax on your profit, you have options: With a Section 1031 exchange, you sell your property and invest all the proceeds inanother like-kind replacement property of equal or greater value. With a qualified opportunity fund, you […]
Tax Implications of Partnership Dissolution
As you consider winding down your partnership, here’s a concise overview of what you might expect under three typical scenarios of partnership dissolution. Scenario 1: One Partner Buys Out the Others If one partner buys out the others and continues the business, the exiting partners will likely recognize a capital gain or loss on the […]
How To Deduct Your Timeshare Stays
If you own a timeshare and use it only for personal and business lodging, you have a unique opportunity to maximize your tax benefits and deduct your timeshare stays. Big Benefit The IRS allows timeshare owners who do not rent their property to claim deductions for business-related lodging without being subjected to the grim vacation-home […]
Rental Property Tip: Add a New Roof, Deduct the Old One
The IRS in its repair regulations gives you a partial disposition election that benefits you when you replace a structural component such as a roof on your office building or rental property. Previously, when you replaced a structural component such as a roof, the old roof’s remaining depreciation continued on your books, an ugly result. […]
Deducting Start-Up Costs For Your Rental Property
Are you interested in becoming a commercial or residential landlord? Understanding Deducting Start-Up Costs For Your Rental Property is essential. If so, you’ll likely have to shell out plenty of money before ever collecting a dime in rent. The tax code treats some of those monies as start-up expenses for your rental property, so knowing […]
Don’t Settle for a CPA that Doesn’t Add Value to Your Business
If you only hear from your accountant at tax time, you are likely settling for a business accountant relationship that is not serving you or your business well. Don’t think of your CPA as just a necessary expense required for tax preparation. You will need to invest a bit more throughout the year, but a […]
Tax Advantages for Real Estate Investor vs. Dealer
Tax Advantages for Real Estate Investor vs. Dealer
Do You Own Rental Property? 15 Tax Deductions You Should Know About.
If you own rental property and receive rental income, there are certain expenses that you may qualify to deduct on your tax returns. Navigating the new tax laws and changes is particularly important for real estate investors. Emerald Tax & Accounting specializes in working with real estate investors, so if you own rental property, here […]