If you have more than one home, renting one to a relative may appear at first glance to be a win/win. A son, daughter, cousin or old mother would take good care of the property, and you could help your relative by giving them a break on their rent. But
In a previous blog, we discussed tax basis—the amount that a taxpayer has invested in business assets, which determines the gain or loss when the asset is sold. Remember that a taxpayer must have sufficient basis to deduct a business loss on their tax return. Another set of tax rules
California Prop 19, also known as “The Home Protection for Seniors, Severely Disabled, Families, and Victims of Wildfire or Natural Disasters Act,” went into effect on February 16, 2021. This blog will review the three classes of people who can benefit from this legislation, as well as the strict limitations
Somewhere within your county, likely at this very moment, a Property Valuation Assessor (PVA) is determining the value of a specific piece of property. Who is your PVA? What is their role? And why does it matter? If you familiarize yourself with your local PVA, you can potentially realize significant
Property tax is one of our country’s oldest taxes; it was even established prior to federal income tax. As far back as the founding of the United States of America, property taxes were assessed on colonists who were settling this country. Property tax is (and has been) one of the
“I’m sorry, officer. I didn’t know the speed limit was only 25 in a school zone.” When is the last time that one worked for you? Right. Ignorance of the law is no excuse. It usually doesn’t fly with the IRS either. Despite this, the tax court issued an opinion
You may have a client who comes to you with a “great idea” to sell their property to a family member at a loss in order to get a juicy tax deduction. Your client may ask the family member to resell it to them later, or maybe your client plans
A timeshare is not only a great opportunity to get away for a while, but it can also be a wonderful investment. Not only does your timeshare qualify for some of the same types of deductions that other property would get you, but there are also some specific types of
If you have more than one home, renting one to a relative may appear at first glance to be a win/win. A son, daughter, cousin or old mother would take good care of the property, and you could help your relative by giving them a break on their rent. But
Some laws are enacted because they appear to provide solutions to issues in need of resolution. That seemed to have been the case with the Tax Cuts and Jobs Act (TCJA) for depreciation of qualified improvement property (QIP), enacted December 2017. It had an immediate impact on 2017 taxes filed