Schedule E Tax Form: What It Is and How to Fill It Out If you own rental properties or have royalty income, you may need to fill out a Schedule E tax form as part of your federal income tax return. Here’s what you need to know about this form and how to fill it …
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7 IRS Audit Triggers for Real Estate Investors Real estate investing can be lucrative, but it also comes with tax obligations. To avoid an IRS audit, make sure you are aware of these seven triggers that can raise red flags. 1. Passive Losses If you are claiming passive losses from your real estate investments, be …
How to Figure Capital Gain on a Rental House Selling a rental property can be a great way to realize a profit, but it’s important to understand how capital gains are calculated so you can plan accordingly. Here’s how to figure the capital gain on a rental house. Calculate the Basis The first step in …
Offshore Real Estate Ownership and Taxes: What You Need to Know Purchasing real estate offshore can be an exciting investment opportunity. However, it is important to understand the tax implications that come with offshore real estate ownership. Here’s what you need to know. Foreign Ownership If you own real estate in a foreign country, you …
5 Common Tax Deductions: What You Need to Know When it comes to filing your taxes, claiming deductions can help reduce your taxable income and lower your tax bill. Here are five common tax deductions you should be aware of. 1. Standard Deduction The standard deduction is a deduction that reduces your taxable income. It …
Deceased Taxpayer: What You Need to Know When a loved one passes away, dealing with their taxes is often the last thing on your mind. However, it’s important to understand what needs to be done to ensure that their tax affairs are properly taken care of. Filing a Final Tax Return The executor or administrator …
Deducting Property Taxes: What You Need to Know As a homeowner, you may be eligible to deduct your property taxes from your federal income tax return. Here’s what you need to know to take advantage of this deduction. Eligibility To be eligible to deduct property taxes, you must own the property and be responsible for …