by CPA | Aug 8, 2022 | Taxes
Don’t you love depreciation? Depreciation is easily one of my favorite benefits of real estate investing, but it is often misunderstood. Basically, depreciation is the tax benefit that the IRS allows for “wear and tear” of investment property. The...
by CPA | Dec 10, 2021 | Rental Real Estate CPA
What happens when you co-own a rental property with some else? If the title to the property is in two individual names, this is known as tenants in common. In this scenario, the owners must agree upon a profit/loss split. The respective amounts will then be listed on...
by CPA | Nov 24, 2021 | Rental Real Estate CPA
How to Prorate Expenses When You Use a Property Personally and as a Rental In our last blog post, we covered the differences between direct and proratable expenses for people who rent out part of their home or have a vacation home that is mixed personal and rental...
by CPA | Sep 11, 2021 | Rental Real Estate CPA
When you rent out a property, you must report the rent as income, and the IRS will assess tax on the amount you earn. However, you can deduct expenses from the rent to help lower your taxable income. This process is pretty straightforward when the property is strictly...
by CPA | Jan 20, 2021 | Taxes
It’s that time of the year again when we need to start filing our taxes. Instead of procrastinating or stressing about the hassle of tax time, here are some tips to keep things as easy and painless as possible this year. They are designed to help you stay on top...
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