More and more Americans are starting to use real estate as a primary or secondary income source. From renting out a space as an Airbnb to renovating a second home for rent or sale, taxpayers may already have unrecognized opportunities to earn extra cash from their properties. However, many taxpayers are not prepared for the […]
Tax professionals today need to be prepared to incorporate real estate income into their clients’ tax plans. More and more Americans are starting to use their properties as a primary or secondary income source, yet many taxpayers are not prepared for the tax consequences when they decide to sell that property. This is where a
Navigating the 121 Exclusion: Tax Planning for Real Estate Income Read More »
Looking to invest in real estate? The many tax loopholes available can make this an attractive source of income—but first-time property owners may feel uncertain about taking advantage of these tax breaks. Rest assured that legitimate loopholes were intentionally created by the government to promote property ownership. By enticing taxpayers with tax benefits, more people
Real Estate Tax Savings: Using a Property for Short-Term Rentals Read More »
Using real estate as a source of income is only becoming more popular with the advent of sites like Airbnb and VRBO that enable homeowners to earn extra cash from property they already own. Taxpayers who are new to leveraging real estate for income may be unfamiliar with the tax loopholes available to them. As
The Ins and Outs of Real Estate Income: Tax Planning for Short-Term Rentals Read More »