Whether you convert your main residence to a rental property or buy a property to be held as a rental, there are several tax considerations to be aware of.
A 1031 exchange allows the taxpayer to sell a piece of property and purchase another “like-Kind” piece of property without depleting the cash flow from the sale due to capital gains tax. But the rules can be complex.
Many business owners do not think about ownership succession until they are ready to retire. This is a mistake. Transferring ownership of the business takes time and planning. In this article, we will review your options and the tax ramifications so you can make the best decision and start planning ahead.
Now that you have become a realtor, you are considered self- employed for tax purposes and you should approach this like any business venture. This means that it is now time to keep track of your income and expenses to track the monetary success (and failures) of your new business.
If your partnership is audited and you don’t already have a “partnership representative” designated, the IRS has the power to designate a representative for you. Find out what role this person plays and how to keep that decision in your hands on our latest blog!
With the new tax law, there are many questions about how the new tax bill will impact the construction industry. The Tax Cuts and Jobs Act provided several provisions that will apply to Construction and Engineering Companies and their owners. The impact of the bill will depend on the structure of your entity and your activity within the business. — …