Solar panel technology isn’t new any longer. In fact, it’s gotten quite advanced. When you install solar panels on your roof, you can look forward to greater energy independence and significant savings. However, if you’ve been hoping to take advantage of tax credits to defray the costs of your new solar panels, you’re running out…
Real Estate
Convert Your Stock Gains into Real Estate and Pay Zero Taxes!
New, with the Tax Cuts and Jobs Act, you can take your gains from stock sales, invest in local Tucson real estate, and pay ZERO taxes! These are called Qualified Opportunity Zones. Here are the basics: What is an Opportunity Zone? An Opportunity Zone is an economically-distressed community. There are several zones in Tucson. Why…
What You Need to Know about Section 199A
One of the most notable tax deductions introduced by the Tax Cuts and Jobs Act of 2017 is the 20 percent deduction included in Section 199A. Although the IRS has already released its official regulations, the complexity of the tax deduction means that many people are still confused about what it means. Here are the…
Hiring Your Children to Work on Your Rental Properties
Have you considered hiring your children to work on your rental properties? If so, were you concerned when you did not see a line item for wages on Schedule E of your Form 1040? Don’t let that bother you. The IRS in its instructions explains that wages and other ordinary and necessary business expenses of…
Your Personal Home Is Not Your Tax Home
The fact that your personal home is not your tax home is one income tax issue. Here’s another: Business travel is different from business transportation. Your tax deductions, tax strategies, and tax records hinge on the following federal income tax–defined terms: Personal home Tax home Business travel Business transportation We know you don’t have an…
Cashing Out Real Estate Profits without Section 1031
Paying taxes on the sale of your real estate is voluntary. You do not need to volunteer. Whenever you can, avoid the outright taxable cash sale of investment property. To avoid taxes while you build your portfolio of real estate investments, use the Section 1031 exchange. This strategy allows you to acquire bigger and better…