Category: Uncategorized

Converting Your Home to a Rental

The simple maneuver of converting your personal residence to a rental property brings with it many tax rules, mostly good when you know how they work. The first question that arises when you convert a personal residence into a rental is how to determine the property’s tax basis for depreciation purposes during the rental period
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Capital Gains Destroys 199A Deduction

We have had a number of clients who have been confused about the starting point for the new Section 199A tax deduction. Let me clarify: taxable income is the sole starting point for your Section 199A deduction. When your taxable income is equal to or less than the threshold of $157,500 (single) or $315,000 (married,
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