Your home is your pride and joy, and you earn capital gains when it appreciates. This is why many people buy a home versus renting. When you sell your home, the IRS wants its share of the profits earned. But, if the home is your primary residence, meaning you lived there full-time, you may be able to exclude some of your earnings from your taxable income using the primary residence gain exclusion.
Did you know if you earn rental income from a property you own and rent out, you might be eligible for certain tax deductions? The deductions must be for necessary and ordinary expenses to own and maintain the property.
Here are 5 of the most common rental tax deductions you might be able to take.
Cryptocurrencies have been increasing in popularity, and we are seeing more and more questions about how they are taxed. In this blog post, we will take a brief look at the current state of cryptocurrency taxation in the United States. We will answer some common questions about how taxes work for digital currency transactions and provide some tips on how to stay compliant with the tax law.
If you use a part of your home exclusively as your home office, you might be able to write off the expenses on your tax returns up to $10,000 if you don’t show a loss. You don’t have to live in a specific type of home and the deduction applies to both homeowners and renters.
The Tax Cuts and Jobs Act made it a lot easier for self-employed taxpayers to deduct their home office expenses. It doesn’t cause the red flag most people assumed, and it typically doesn’t cause more issues when you sell the home.
Here’s what you must know about deducting your home office expenses.
Tax season is here, but it looks a lot different than before. Not only have regulations changed, but there are certain steps you should take before you file your taxes that could save you money on your tax liability.
Here are the top 5 tips to help you make this tax season easier than ever before.