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.
What to Know If You’re Selling Your Home This Year
In most cases, gains from sales are taxable. But did you know that if you sell your home, you may not have to pay taxes? Here are ten facts to remember if you sell your home this year.
Defer Capital Gains Using Like-Kind Exchanges
If you’re a savvy investor, you probably know that you must generally report as income any mutual fund distributions, whether you reinvest them or exchange shares in one fund for shares of another. In other words, you must report and pay any capital gains tax owed.
Minimizing Capital Gains Tax on Sale of a Home
If you’re looking to sell your home this year, then it may be time to take a closer look at the exclusion rules and cost basis of your home to reduce your taxable gain on the sale of a home.
The IRS home sale exclusion rule allows an exclusion of gain up to $250,000 for a single taxpayer or $500,000 for a married couple filing jointly. This exclusion can be used over and over during your lifetime (but not more frequently than every 24 months), as long as you meet certain ownership and use tests.
Realty Speak Real Estate Podcast: 1031 Like-Kind Exchanges
Don’t miss this episode of the Realty Speak podcast, featuring Bob Russo!
Tax Law for Real Estate Brokers: How You Can Benefit
The New 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?
However, the most common question we’re getting here at Robert P. Russo CPA is this: How can I get that new 20% qualified business income (QBI) deduction? That’s what we’ll focus on now…