Are you selling an asset? Avoiding Real Estate Capital Gains Tax in 2022It's great to get a good price for your home, but in some cases, the IRS may want some of the action. Indeed,...
Posted by CORE PERFORMANCE on 02/08/2022
When tax season is upon us, it is usually when tax professionals get panic questions from clients who are being audited by the Internal Revenue Service (IRS) because they haven't...
Posted by Karen Munoz, EA on 08/15/2021
The tax basis for your estate is what you paid for the property and all of its improvements and is generally different from the estate's purchase price. Often, the tax basis of...
Posted by Carmen Garcia on 06/18/2021
This article sheds light on vital tax tips that can significantly help real estate investors. Be OrganizedIf you want to get back the funds you believe you deserve for the tax...
If you own a rental property, you should know your federal tax obligations. All rental income needs to be reported on your tax return, and the associated expenses can generally be...
Billions of dollars in property taxes go unpaid every year, a major problem for local municipalities that depend on this money to fund public services. Instead of waiting months or...
IRS Form 8949 is a tax form used primarily to report sales and trade of capital goods. Form 8949 is filed alongside Schedule D of the income tax form.What is IRS Form 8949?Form 8949...
A lot of small businesses’ operations are conducted from a home office. As long as you use a designated room exclusively for business, it qualifies for some deductions, provided...
If you recently installed energy efficiency upgrades in your home, such as solar panels, you can get a credit for your investment. Two energy tax credits are currently available for...