By month: January 2023

Download this PDF for the Already Enacted 2023 Tax Law Changes

As a subscriber, you likely know you are going to see some big tax changes this year. Some are already in place. To help you remember what they are, and to have them available for a quick look anytime you like, download this PDF.

Section 1031: Don’t Miss This Depreciation Election

You can grow your real estate portfolio and compound your tax savings by combining a 1031 exchange with a cost segregation study. When you use this combination, make sure to consider the election under IRS Reg. Section 1.168(i)-6(c)(5)(iv). Its proper use can save you thousands—and of course, failure to use it could cost you thousands.

Tax Consequences of a Short Sale of Your Principal Residence

Short sales provide a path for underwater homeowners to get out of their mortgages without going through foreclosure. But mortgage debt forgiven following a short sale can be taxable income for the homeowner unless tax law provides a specific exception.

Are You Cheating Yourself by Using IRS Mileage Rates?

If you qualify to use IRS mileage rates to deduct the use of your vehicle, you need to know whether you are cheating yourself with the method you select. The good news is, this article includes a tool that will give the one best method for your deduction and also tell you how much after-tax cash you pocket with that good method.

How to Section 1031 Exchange into a Delaware Statutory Trust

The savvy real estate investor uses Internal Revenue Code Section 1031 to build a real estate empire without paying federal income taxes. But what if that investor wants to get off the landlord merry-go-round—and avoid paying taxes? As you see in this article, the investor has choices.

Do You Owe Self-Employment Tax on Airbnb Rental Income?

The IRS said that your Airbnb or similar rental can produce self-employment income subject to self-employment taxes when you provide services to the tenants. This article gives you a road map to avoid that self-employment tax.

Updated: Download IRS Key Contact Information and Helpful Links

Would you like to have, at your fingertips, updated IRS key contact info and helpful links for information about amended returns, estate and gift taxes, tax transcripts, power of attorney, stimulus checks, tax help for businesses, and many other topics? If so, download the PDF linked in this article.

Primer: When Cancellation of Debt (COD) Income Can Be Tax-Free

It’s been almost 15 years since cancellation of debt was a story above the fold. Should we dip into recession, you likely will see more stories about cancellation of debt. For federal income tax purposes, canceled debt is taxable—unless it meets one of the many possible exceptions, as explained in this article.


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