Tag Archives: estate

There’s a New Tax in Town…

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For years, the one crucial question I had to ask my business tax clients was, “Can you be considered to be a real estate professional?”  (If you don’t recall my discussions on this matter, you can refer to my blog posts here and here.)  Because without that certification, it’s possible that all expenses involved in rental real estate operations may not be deductible on one’s Schedule E (1040).

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It’s coming- and our balance sheet will never be the same…

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FASB. IASB.  Those eight (8) letters are going to cause a lot of us some grief.  The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are planning to change the rules, which will make our business profits look very different.

Continue reading It’s coming- and our balance sheet will never be the same…

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How a business can pay no taxes

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It’s amazing what can happen when a corporation has a slew of professionals that do nothing but make sure that their tax bill is very low- zero would be ideal.  Oh, I know, we all want to pay the lowest amount of taxes- but companies like GE have managed to pay no taxes, in spite of their profits.

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So you want to be a real estate mogul?

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If you are considering the purchase of a property for investment, one you plan to rent to others, we need to talk. Too many folks buy these properties and then find that, unlike conventional businesses, rental property management has its own set of regulations- and tax considerations. (Part of the reason is that real estate businesses, while cash flow positive, often create negative income considerations for taxes, since depreciation can be a substantial factor.  And, as opposed to other businesses that don’t show a profit for 3 of 5 years, these are allowed to continue and are not considered “hobbies”.)

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