Self-employed spouses still owe taxes even if one loses more than the other...
The vast majority of real estate brokers and agents are self-employed sole proprietors. They are often married to spouses who are self-employed as well. Marital togetherness is great, but when spouses...
View ArticleTax overhaul plan has something for everyone to hate
One of the two principal figures in charge of rewriting the nation’s income tax laws is Republican Dave Camp of Michigan, chairman of the all-powerful House Ways and Means Committee. Last week he...
View Article3 valuable tax deductions that real estate pros often overlook
Tax deductions are worth a lot. Exactly how much depends, of course, on your top tax bracket. If, for example, you’re in the 28 percent federal income tax bracket, every $100 in deductions will save...
View Article‘Obamacare’ March 31 open enrollment deadline will not be delayed
The clock is ticking on the individual health insurance open enrollment period for 2014, which is scheduled to end on March 31, 2014. Unlike many of the other deadlines established under “Obamacare,”...
View ArticleMarried landlords who file separate tax returns may lose ability to deduct...
The vast majority of the time, it’s best for married people to file a joint return. However, there are situations where they can save on taxes by filing separately. For example, a married couple may...
View ArticleIRS’ bitcoin guidance turns every transaction into a reportable capital gain...
The IRS has issued its first official guidance on how bitcoin and other digital currencies that are convertible into dollars or other real currencies on exchanges should be treated for tax purposes....
View ArticleUS Tax Court ruling could save real estate trusts millions
As we’ve discussed many times in this column, anyone who can qualify as a “real estate professional” for federal tax purposes enjoys some unique tax benefits. First, a real estate professional who owns...
View ArticleIRS will let quite a bit slide past April 15
As you probably know, your income taxes are due on April 15. However, this is not really the final date to file your 2013 return. You can get a six-month extension to file, meaning that your return...
View ArticleReal estate broker shows how to turn business mileage deduction into a...
Jim Chapin, a California real estate broker, used his Toyota Sequoia SUV for his real estate business during 2009. He figured that he drove a total of 11,135 miles for business that year and deducted...
View ArticleReal estate and taxes are inextricably intertwined
Taxes and real estate go together like butter and toast. Whether a client is buying or selling a home, rental property or commercial property, they need to know the tax ramifications involved. This is...
View ArticleSelf-employed spouses still owe taxes even if one loses more than the other...
The vast majority of real estate brokers and agents are self-employed sole proprietors. They are often married to spouses who are self-employed as well. Marital togetherness is great, but when spouses...
View ArticleTax overhaul plan has something for everyone to hate
One of the two principal figures in charge of rewriting the nation’s income tax laws is Republican Dave Camp of Michigan, chairman of the all-powerful House Ways and Means Committee. Last week he...
View Article3 valuable tax deductions that real estate pros often overlook
Tax deductions are worth a lot. Exactly how much depends, of course, on your top tax bracket. If, for example, you’re in the 28 percent federal income tax bracket, every $100 in deductions will save...
View Article‘Obamacare’ March 31 open enrollment deadline will not be delayed
The clock is ticking on the individual health insurance open enrollment period for 2014, which is scheduled to end on March 31, 2014. Unlike many of the other deadlines established under “Obamacare,”...
View ArticleMarried landlords who file separate tax returns may lose ability to deduct...
The vast majority of the time, it’s best for married people to file a joint return. However, there are situations where they can save on taxes by filing separately. For example, a married couple may...
View ArticleIRS’ bitcoin guidance turns every transaction into a reportable capital gain...
The IRS has issued its first official guidance on how bitcoin and other digital currencies that are convertible into dollars or other real currencies on exchanges should be treated for tax purposes....
View ArticleUS Tax Court ruling could save real estate trusts millions
As we’ve discussed many times in this column, anyone who can qualify as a “real estate professional” for federal tax purposes enjoys some unique tax benefits. First, a real estate professional who owns...
View ArticleIRS will let quite a bit slide past April 15
As you probably know, your income taxes are due on April 15. However, this is not really the final date to file your 2013 return. You can get a six-month extension to file, meaning that your return...
View ArticleReal estate broker shows how to turn business mileage deduction into a...
Jim Chapin, a California real estate broker, used his Toyota Sequoia SUV for his real estate business during 2009. He figured that he drove a total of 11,135 miles for business that year and deducted...
View ArticleReal estate and taxes are inextricably intertwined
Taxes and real estate go together like butter and toast. Whether a client is buying or selling a home, rental property or commercial property, they need to know the tax ramifications involved. This is...
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