When selling business assets, understanding the tax implications is crucial. One area to focus on is Section 1231 of the Internal Revenue Code, which governs the treatment of gains and losses from the sale or exchange of certain business property.
Tax Law for Real Estate Brokers: How You Can Benefit
The TCJA Taxes for Real Estate Brokers: What You Need to Know
When the Tax Cuts and Jobs Act (TCJA) became law in December 2017, real estate professionals immediately began contacting us with questions. Are there new breaks on taxes for real estate brokers? Will the TCJA increase taxes for real estate brokers?
Rehabilitation Tax Credit for Owners of Historic Buildings
If you own a historic building, you may be eligible for significant savings through the rehabilitation tax credit. This federal incentive encourages renovating and restoring historic or old buildings, preserving architectural history while promoting economic revitalization.
Understanding the details of the rehabilitation tax credit can help building owners maximize its benefits and ensure compliance with the program’s requirements.
Avoid IRS Audits: Fix the 1099 Prepaid-Rent Mismatch
Two questions:
- Are you prepaying your 2025 rent so that you have a big 2024 tax deduction?
- How do you identify in your accounting records the monies you put on your IRS Form 1099-MISC for the business rent payments to your landlord?
Unlocking Tax Savings: The Benefits of a Cost Segregation Study
A cost segregation study allows a business property owner to accelerate depreciation deductions. That, in turn, enables the owner to reduce current taxable income and increase cash flow.
Seniors: A Tax-Wise Alternative to Selling Your Appreciated Home
In recent years, the residential real estate market has surged in many areas. That means many homes have greatly appreciated, and the $250,000 home sale gain exclusion ($500,000 for joint filers) isn’t always sufficient to protect a home sale from federal income taxes.
Advantages of Keeping Business Separate From Its Real Estate
Does your business require real estate for its operations? Or do you hold property titled under your business’s name? It might be worth reconsidering this strategy. Separating real estate ownership from the business may be a wise choice, with long-term tax, liability, and estate planning advantages.
Home Sale: Failure to Plan May Raise Your Tax Bill
As the saying goes, there’s nothing certain in life except for death and taxes. But when it comes to selling your home, proactive tax planning can help you reduce your federal income tax bill.
Addressing Concerns When Selling Your Home to an S Corporation
Want to make money by renting out your home? If done correctly, this can boost your cash flow with minimal effort. Selling your home to your S corporation is one of the best strategies. Here’s why it’s better than just converting your home to a rental property.
Using an IRA Withdrawal for a Qualified Home Purchase
Purchasing a home is an expensive proposition that leaves many would-be buyers feeling cash-strapped. If that’s you, you might be thinking about taking some money out of your traditional IRA to help fund the purchase. But should you? After all, a 10% penalty normally applies to IRA withdrawals before age 59 1/2. The good news is that there’s an exception to the penalty for certain home purchases, subject to a lifetime limit of $10,000.