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In this case, you may be able to deduct an additional 20% of your rental income using the qualified business income deduction that was created by the Tax Cuts and Jobs Act of 2017.
The replacement property must be "identified" within 45 days after the sale of the old property and the acquisition of the replacement property must be completed within 180 days of the sale of the old property. As of 2018, Section 1031 can only be used in connection with sales of real property.
Section 162(a) of the Internal Revenue Code (26 U.S.C. § 162(a)), is part of United States taxation law.It concerns deductions for business expenses. It is one of the most important provisions in the Code, because it is the most widely used authority for deductions. [1]
The states imposing sales taxes also impose a similar tax on buyers of taxable property or services in those cases where sales tax is not paid. Use taxes are functionally equivalent to sales taxes. The sales and use taxes, taken together, "provide a uniform tax upon either the sale or the use of all tangible personal property irrespective of ...
Rental fees for a safe deposit box However, the financial advisor tax deduction may not be gone forever. Changes enacted under the TCJA are slated to expire in 2025, potentially reopening the door ...
Whenever a merchant accepts a credit card payment, the credit card network that processes the payment will charge a merchant fee. The merchant is expected to cover this fee. However, those fees ...
The remainder of any gain realized is considered long-term capital gain, provided the property was held over a year, and is taxed at a maximum rate of 15% for 2010-2012, and 20% for 2013 and thereafter. If Section 1245 or Section 1250 property is held one year or less, any gain on its sale or exchange is taxed as ordinary income.
For many years, PMI premiums were tax-deductible, but this deduction expired in 2021. However, you may still be able to deduct your PMI, if it applies to a rental property.