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How to Section 1031 Exchange into a Delaware Statutory Trust

How to Section 1031 Exchange into a Delaware Statutory Trust

As you likely know, the Section 1031 tax-deferred like-kind exchange is one of the greatest wealth-building mechanisms for real estate investors. With Section 1031, you can avoid taxes on all your property upgrades during your lifetime and then...

Is Airbnb Rental Income Subject to Self-Employment Tax?

Is Airbnb Rental Income Subject to Self-Employment Tax?

Do you owe self-employment tax on Airbnb rental income? That’s a good question. In Chief Counsel Advice (CCA) 202151005, the IRS opined on this issue. But before we get to what the IRS said, understand that the CCA’s conclusions cannot be cited...

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

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

Sometimes debts can pile up beyond a borrower’s ability to repay, especially if we are heading into a recession. But lenders are sometimes willing to cancel (forgive) debts that are owed by financially challenged borrowers. While a debt...

$80 Billion to the IRS: What It Means for You

$80 Billion to the IRS: What It Means for You

You may have noticed that the Internal Revenue Service (IRS) is in a bad way. It has a backlog of millions of unprocessed paper tax returns, and taxpayers can’t get through to the agency on the phone. Congress noticed and took action by passing...

Last-Minute Year-End Tax Strategies for Marriage, Kids and Family

Last-Minute Year-End Tax Strategies for Marriage, Kids and Family

Are you thinking of getting married or divorced? If yes, consider December 31, 2022, in your tax planning. Below is a tax strategy list for marriage, kids and for family. Here’s another planning question: do you give money to family or friends...

Last-Minute Year-End Medical Plan Strategies

Last-Minute Year-End Medical Plan Strategies

All small-business owners with one to 49 employees should have a medical plan for their business. Save with these year-end medical plan strategies. Sure, it’s true that with 49 or fewer employees, the tax law does not require you to have a...

Last-Minute Year-End Tax Strategies for Your Stock Portfolio

Last-Minute Year-End Tax Strategies for Your Stock Portfolio

When you take advantage of the tax code’s offset game, your stock market portfolio can represent a little gold mine of opportunities to reduce your 2022 income taxes. The tax code contains the basic rules for this game, and once you know the...

Last-Minute Section 199A Tax Reduction Strategies

Last-Minute Section 199A Tax Reduction Strategies

Remember to consider your Section 199A deduction in your year-end tax planning. If you don’t, you could end up with an undesirable $0 for your deduction amount. Here are three possible year-end moves that could, in the right circumstances,...

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