In 2008 (due to the economic downturn), the Housing and Economic Recovery Act passed that enabled Americans to qualify for a federal tax credit if they purchased a home that year. If you purchased a home in 2008, the credit acts like an interest free loan and was expected to be paid back on your tax
How to Maximize your Rental Income by Reducing your Rental Income Tax
Most people are happy to own income properties, but the complicated rental income taxes deter them from turning it into a thriving business. Property owners have a mandate to pay two types of housing taxes, namely, the real estate tax and the capital gain taxes. Although the charges are said to be
Are Landscaping and Pest Control Tax Deductible?
To begin with, some landscaping and pest control eligibility is dependent on where your business operates. For instance, running a startup from your home is different from running a business out of a commercial office building. If you work from home, then you need to consider direct and indirect
3 Simple Tax Deductions for a Home Renovation
When you renovate a home, the IRS normally doesn't regard the improvements a deductible expenditure. Still, it is true, that updates or renovations can be used in various ways to decrease your taxes. Let’s take a look at the options. First, there is the mortgage on your home. Making home
Everything You Need To Know About HOA Fees and Schedule E Form
Are you a property owner earning rental income and wondering how to file your rental taxes? Well, filing Schedule E form and understanding what to file is a broad topic, but we’ll narrow it down for you. What is the Schedule E form? Schedule E form is a part of IRS form 1040 used to report
Rental Property Owners Hurting From Self-Quarantine
Ever since it made its presence known in the U.S., the novel coronavirus (COVID-19) pandemic has disrupted life as we know it. Due to the outbreak, several industries have ground to a halt, while others are barely hanging on by a thread. One of the segments hit the hardest by the pandemic is
Can You Deduct Rental Expenses with No Rental Income?
You must report all your rental income on your tax return. From there, the expenses incurred during the period can be deducted from the rental income. As a cash-based taxpayer, you report any yearly rental income, regardless of when you receive it. What Does The IRS Consider for Rental
Renting a Part of Your Personal Property
When you rent out part of your personal property, it's not just that you get added income (that you have to report), but now part of your property is open to expenses and deductions. To begin with, you must divide expenses between personal and rental use. You can deduct the rental portion of the