The #IRS announced extensions for 1031 exchange ID and closing deadlines, however, some ambiguity in conflicting sections of the tax code will require further clarification on the specifics. Either way, this welcome update gives some taxpayers currently working on a 1031 exchange a bit of welcome breathing room.
The IRS knows that there has been confusion as to whether or not rental real estate qualifies for the new 20% pass-through deduction on Qualified Business Income. The IRS issued guidance in the form of a safe harbor, which, if met, will ensure that your rental property qualifies for this valuable tax deduction. We break down the safe harbor to help you determine if your property qualifies…
The Real Estate Professional rules are a complicated and often confusing area of the tax code, but one that can potentially provide those working in real estate with significant tax savings. Do you work in real estate and have income or losses from rental properties? Read on!
…Depends on what? Among other things, on how long you’ve owned your home and whether it’s your principal residence. Generally, if you profit from the sale of property you have to pay capital gains tax on that profit. However, tax … Continued