The Principal Residence Gain Exclusion Break

The $250,000 ($500,000, if married) home sale gain exclusion break is one of the great tax-saving opportunities. Unmarried homeowners can potentially exclude gains up to $250,000, and married homeowners can potentially exclude up to $500,000. You as the seller need...

IRS Defines Real Property for Section 1031 Like-Kind Exchanges

Do you own business or investment property that has gone up in value? Would you like to acquire new property? If you sell the old property, you’ll have to pay tax on your profits. Don’t do that. Instead, do a tax-deferred Section 1031 transaction. With a properly...

Create Deductions: Use Your Vacation Home for Business Lodging

Here’s good news: the properly used business vacation home or condo does not suffer from • the vacation-home rules,• the passive-loss rules, or• the entertainment-facility rules. In these days of COVID-19, you may have solid reasons to use your vacation home or condo...

Unlock Tax Deductions with a Rental Property Home Office

With the start of a new tax year, you’re probably looking for new tax savings opportunities. As you probably know, establishing a home office for your Schedule C or corporate business creates valuable tax deductions. But it’s not available only for your...