My grandparents have a vacation house along the coast that they rent to friends and acquaintances from time to time. Like many other property owners, they think it’s a great way to generate a little extra income. While this may be true, people often overlook the vacation rental tax rules that are associated with earning…
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Updated March 29, 2023 Do 1031 exchange dates qualify for disaster relief date extensions? The recent IRS announcement providing disaster relief for California residents in Affected Counties automatically extends certain due dates for 1031 exchanges to as late as October 16th, 2023. Any business or individual taxpayer that resides in an Affected County would qualify,…
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My kids are college age and finding affordable, safe housing for them is a top concern. I have a couple of friends who’ve opted to purchase property by their child’s campus for them to live in through their college careers. I did a little research to find out if it would be a viable option…
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Let’s be honest, no one likes filing a tax return. This is heightened for those in real estate due to the volume of information that needs to be gathered. Most in the real estate industry have multiple entities with many transactions happening each year – it can truly be overwhelming. I am here to offer…
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Qualified Opportunity Zones (QOZ) is a new benefit created with the new tax reform legislation and is one of the largest incentives to taxpayers that we’ve seen in a long time. Although fairly complex in terms of timing, they are simple to set up and maintain—absolutely worth the effort in terms of tax savings. (View…
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If you’re planning to utilize the benefits of a Qualified Opportunity Zone (QOZ), you must invest your gain into a Qualified Opportunity Fund (QOF). They are fairly simple to create, but be cognizant of the tests to stay certified and the deadlines for avoiding penalties. Read on to learn more about how, when, and why…
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