Real Estate

How to Maximize the Tax Benefits of Rental Property

Rent to Win: Understanding the Income and Tax Benefits of Rental Property

Have you thought about purchasing a rental property? Great! You have the opportunity to generate additional income, save for retirement, and improve your tax posture. To unlock the full income and tax benefits of rental property, it’s critical that you do the following 5 things first:

Read more

Defer Capital Gains With Section 1031 Exchanges

If you’re a savvy investor, you probably know that you must generally report any mutual fund distributions as income, whether you reinvest them or exchange shares in one fund for shares in another. In other words, you must report and pay any capital gains tax owed.

But if real estate’s your game, did you know that it’s possible to defer capital gains by taking advantage of a tax break that allows you to swap investment property on a tax-deferred basis?

Read more

RUSSO CPA Tax Tips, how filing status affects your tax return 2022

POA Authorization Approval Requests Available Online

Estate Planning and the Power of Attorney

An important part of estate planning is designating a power of attorney; however, the IRS will not discuss your taxes or identity with anyone without your authorization. Recently, the IRS has made it easier for taxpayers to quickly review, approve and sign power of attorney and tax information authorization requests through their IRS Online Account.

Read more

IRS “Safe Harbor” for Section 199A Rental Properties

Safe harbor! It sounds wonderful.

Obviously, you are going to be comfortable in a safe harbor. And if you said you don’t want comfort, you might be thought of as a little loony.

You may sense that we are not jumping with joy about this new safe harbor for Section 199A rental property. It’s true; our joy quotient is a little low on this safe harbor because of the work involved.

Our feeling is that you did this work, so your property is a trade or business with no safe harbor needed. Of course, the safe harbor gives you comfort, so we need to examine what’s involved.

With the new safe harbor, the IRS thinks it is your new friend when it comes to claiming the Section 199A 20 percent tax deduction on your rental real estate profits.

Read more

Russo CPA Renewable Energy Tax Credits New Information for 2022 2023 Tax Season

Renewable Energy Tax Credits Now Available

Qualifying commercial and rental property owners who are interested in renewable energy projects—take note! You may qualify for significant tax credits or deductions through the new Inflation Reduction Act. Although the rules and details are quite complex,  the benefits may be very worthwhile. Be sure to call our office for all of the qualifying information and details, but in the meantime, check out the opportunities below to see if any could be a fit for you.

Read more

Small Business Accountant for Your Business Growth

Small Business Accounting

We are a New York-based accounting firm that provides small business accounting services to clients in the New York metro area, all 50 U.S. states, and abroad.

Through strategic tax planning, we help clients leverage the tax law to lower tax liability. 

Robert P. Russo CPA Tax Seminar for Small Businesses

Read more

Homeowner Records: What to Keep and for How Long 2022

Homeowner Records: What to Keep and How Long

Keeping full and accurate homeowner records is not only vital for claiming deductions on your tax return, but also for determining the basis or adjusted basis of your home. These records include your purchase contract and settlement papers if you bought the property, or other objective evidence if you acquired it by gift, inheritance, or similar means. You should also keep any receipts, canceled checks, and similar evidence for improvements or other additions to the basis.

Read more