Sale of Income Property

New Rules on Rental Deduction

The IRS released a new Notice on Friday, January 18, 2019 regarding rental properties.  Some rentals will qualify for a special QBI deduction under the new tax laws.  To qualify for 2019 onward, a contemporaneous log of your hours of activity related to each rental is required.   We urge you to begin keeping such records [...]

Tax Rules on Rental Property

The basics on capital gains & deductions. Buying or selling income property has definite tax consequences. A taxpayer should clearly understand them, whether he or she intends to acquire a property or put one on the market. A sale of income property incurs either a capital gain or loss. If you profit from the sale [...]