by CPA | Aug 21, 2020 | CPA Services, Taxes
If tenants aren’t paying rent, you have empty units, or you’re dealing with other financial issues, you may need extra money, and as part of the CARES Act, the government is allowing people to make coronavirus-related penalty-free withdrawals from their...
by CPA | Oct 25, 2018 | CPA Services, Real Estate CPA
The Tax Cuts and Jobs Act was signed into law on December 22nd, 2017. It overhauled the Internal Revenue Code and provided broad tax relief to workers, families and businesses of all sizes. It lowers tax rates for individual and business taxpayers, and eliminates or...
by CPA | Oct 18, 2018 | CPA Services, Real Estate CPA, Rental Real Estate CPA
According to the CPA Journal, Home sellers can exclude (not defer) up to $250,000 of housing profits from capital gains tax; married couples who file a joint tax return can exclude up to $500,000 of housing gains. In the case of a married couple, either or both...
by CPA | Aug 4, 2017 | CPA Services, Real Estate CPA, Rental Real Estate CPA
According to the IRS, homeowners may qualify to exclude from their income all or part of any gain from the sale of their main home. Taxpayers can exclude up to $250,000 ($500,000 Married Filing Jointly) of gain on the sale of a homeThis is known as the Section 121...
by CPA | Jul 14, 2017 | CPA Services, Military CPA, Real Estate CPA
According to the IRS, members of the military may qualify for tax breaks and benefits. Special rules could lower the tax they owe or give them more time to file and pay taxes. In addition, some types of military pay are tax-free. Below are some special tax...
by CPA | Jul 5, 2017 | CPA Services
The Service Members Civil Relief Act (SCRA) was passed in 2003. The SCRA allows individuals to break a lease when they go onto active duty if the lease was entered into before going onto active duty. Additionally, the act allows a service member to terminate a...
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