When you own property, making repairs and improvements is necessary as the appliances and furniture will become worn, stained or outdated. However, the IRS provides an opportunity for property owners to deduct expenses used on the yearly income tax depending on the type of renovation. The IRS
How are Startup Expenses Treated for New Rental Properties
Most real estate investors need to spend some money to get their business started. The costs incurred before they are actually in business are known as start-up expenses. Special tax rules and regulations govern the deductions for a rental property as well as other related costs.If you are not
How You Can Deduct Expenses for Your New Rental Property
Landlords and property owners are looking at a tax deduction to lower their taxable income. They are looking at their expenses for the past year and noting what can be deducted from their gross income. Through deductions, the taxes they owe the government will be drastically lowered, and would
What the Right CPA for Your Real Estate Business Can Provide
The right Certified Public Accountant (CPA) can do wonders for your real estate business whether you are renting out one small property or have a large amount of real estate to lease. Their cost is typically marginal to the amount of value that they can present to your business and they add
Choosing The Right Accountant For Your Real Estate Business
Starting and successfully running a real estate business is no easy feat. If anything, being able to keep it up and running in the dynamic real estate arena is a career milestone that calls for complex and robust decisions from the word go. In that respect, it is essential that you have
Deductible Expenses For Real Estate Agents
As yet another tax season rolls around, and people everywhere are scrambling to save as much money as possible by maximizing their deductions. This can be a real headache if you’re in real estate, since it’s a complex line of work with a wide array of different expenses, some of which are
Delaware Statutory Trusts Increasingly Popular as Real Estate Investment Opportunities
There is a number of ways to hold title to real property. Perhaps the most common way is to hold full title – or “fee” simple title – as an individual or married couple. Title to real property can also be held jointly by multiple corporate or individual persons. One increasingly common means to
Combining Sections 121 & 1031 for Optimal Tax Treatment
As we’ve noted before on HTW, Section 1031 of the IRC applies specifically and exclusively to real property used for business or investment purposes. Section 121, on the other hand, applies to primary residences, and can be utilized to eliminate substantial capital gain upon the sale of one’s