Investing in residential rental properties raises various tax issues that can be somewhat confusing, especially if you are not a real estate professional. Some of the more important issues rental property investors will want to be aware of are discussed below. Rental Losses Currently, the owner of a residential rental property may depreciate the building… [Read More]
Real Estate Tax and Accounting
How Do Installment Sales Affect Your Tax Bill?
You’ve finally found a buyer for the rental property, land, or business you’ve been trying to sell but the buyer doesn’t have enough cash to pay the full purchase price in a lump sum. So you agree to an installment sale. The buyer will make a partial payment now and pay you the balance over… [Read More]
Are There Advantages to Owning a Second Home?
Whatever the location, size, or value of a second home, certain tax advantages are built in. However, your opportunity to benefit from them depends on how you use the property. Personal Use Both property taxes and mortgage interest are as deductible for a second home as they are for your primary residence — and are… [Read More]