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How to Section 1031 Exchange into a Delaware Statutory Trust

How to Section 1031 Exchange into a Delaware Statutory Trust

Jan 23, 2023 | Income Tax

Tags: QuickBooks Bookkeeping, real estate taxes, Sarasota CPA, Tax Planning 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...
Is Airbnb Rental Income Subject to Self-Employment Tax?

Is Airbnb Rental Income Subject to Self-Employment Tax?

Jan 19, 2023 | Income Tax

Tags: QuickBooks Bookkeeping, Sarasota CPA, self-employment tax, Tax Planning 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,...
When Cancellation of Debt (COD) Income Can Be Tax-Free

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

Jan 17, 2023 | Income Tax

Tags: QuickBooks Bookkeeping, Sarasota CPA, Sarasota Tax Problems, Tax Planning 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...
$80 Billion to the IRS: What It Means for You

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

Dec 20, 2022 | Income Tax

Tags: QuickBooks Bookkeeping, Sarasota CPA, Sarasota Tax Preparation, Tax Planning 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...