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Depreciation Basics
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 IRS says that rental...
Tax Reporting For Tenants In Common
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...
Tax Deductions for Short Term Rental Househackers
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...
Tax Deductions for Short Term Rental Properties
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...
8 Tips To Reduce Tax Season Stress
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 of...
Decreasing Taxes While Increasing Loan Qualification? Have Your Cake and Eat It Too!
This month we are privileged to have a guest writer: Andrew Postell, VP of Mortgage Lending at Guaranteed Rate. Tax season is fast approaching and that means many of us will need to file our Federal Tax Returns. Even if you are filing an extension I have tried to put...
End of Year Real Estate Tax Strategies: Actionable Advice Tailored to Your Needs
End of Year Real Estate Tax Strategies: Actionable Advice Tailored to Your Needs At My Online Accountant, we offer consultation sessions to help you reduce your tax liability and ensure your real estate business is as profitable as possible. Sloppy bookkeeping and...
Why You Need a CPA Who Focuses on Real Estate
In the real estate industry, every dollar matters. Are you leaving money on the table by forgetting to claim deductions? Are you using the most effective business structure? Are you tracking your efforts to ensure you make the right decisions about operations and...
Survival Tips for Landlords During the Nationwide Eviction Moratorium
The Centers for Disease Control (CDC) has issued a moratorium on residential evictions from September 4, 2020 to December 31, 2020. During these months, landlords around the country cannot legally evict residential tenants for nonpayment, and there is speculation that...
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