by CPA | Nov 8, 2018 | Real Estate CPA, Rental Real Estate CPA
More families will be able to get more money under the newly-revised Child Tax Credit, according to the Internal Revenue Service. The Tax Cuts and Jobs Act (TCJA), the tax reform legislation passed in December 2017, doubled the maximum Child Tax Credit, boosted income...
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 | Jun 18, 2018 | Real Estate CPA, Rental Real Estate CPA
Let’s face it. Unless you love the nitty-gritty details of accounting, you probably don’t enjoy the bookkeeping part of your real estate business. If you are like most people, then you put it off until the last possible moment. Maybe that time comes when your lender...
by CPA | Sep 12, 2017 | Real Estate CPA, Rental Real Estate CPA
Investments in vacation rentals are becoming more popular with the rise of services such as Airbnb and VRBO. Many investors have successfully purchased and rented these properties all over the U.S. In our sharing economy, it is a wonderful way of earning top dollar....
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 | Sep 7, 2016 | Rental Real Estate CPA
The amount realized from a sale or other property disposition includes liabilities “discharged” in the sale or disposition (Reg. §1.1001-2(a)). This rule applies to nonrecourse debt regardless of the fair market value of the property transferred. Thus, even if the...
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