Sep 18, 2019 | Income Tax
If you own a condominium, cottage, cabin, lake or beach home, ski lodge, or similar property that you rent for an “average” rental period of seven days or less for the year, you have a property with unique tax attributes. Seven days example. Say you have a beach home...
Sep 16, 2019 | Income Tax
You don’t often get the opportunity to even consider making a tax-saving double play. But your personal residence combined with a desire for a rental property can provide just such an opportunity. The tax-saving strategy is to combine the tax-avoidance advantage of...
Aug 12, 2019 | Income Tax
Short-Term Rentals Income and expenses related to rental of your home, a room in your home, or a vacation home, must be reported on your tax return. Expenses may need to be divided between rental and personal use. Limits apply when deducting rental expenses for a home...
Jul 22, 2019 | Income Tax, Sarasota Tax & Accounting
Individuals who are unwilling or unable to sell their home, and need additional income during retirement,may benefit from a reverse mortgage. Payments received on a reverse mortgage are not taxable to the individual. Tax-free Income. A reverse mortgage can be used to...
Jan 30, 2019 | Business, Sarasota CPA, Sarasota Tax & Accounting
The IRS defines a home as any house, condominium, cooperative, mobile home, boat, or similar property that has sleeping space, toilet facilities, and cooking facilities. Each circumstance is different when determining what you can deduct on your tax return. Is it Real...
