Some of the most common questions I get are about tax deductions for travel expenses: "Can I claim travel on my tax return? What are deductible travel expenses? Can you name for me some examples of travel-related expenses that are deductible? What about meals I eat on travel — are those deductible too?" To start this conversation, let's go over a list of some common … [Read more...] about Does the IRS Let You Deduct Travel Expenses? What Is the Business Travel Expense Deduction?
The $250,000 (single) / $500,000 (married) home sale gain exclusion is a major benefit of homeownership, but the rules can be confusing if you're not familiar with them. How do you calculate your gain in the first place? What if you owned your house before you got married? Can you exclude $500,000 of gain or only $250,000? What about if you rented out your home at … [Read more...] about Home Sale Gain Exclusion Rules Under Section 121: How Does the Primary Residence Tax Exemption Work?
A client recently asked me about the tax implications of buying a vacation home "somewhere far away from Los Angeles," renting it out on Airbnb part of the year, and taking a 2-week family vacation there once a year. I explained to him that the tax code is very granular when it comes to vacation homes. How many days you use a vacation home for personal/family use vs. how … [Read more...] about Vacation Home Tax Rules: What Deductions Can I Take?
My California-based accounting firm specializes in tax and accounting services for real estate investors. Many of my clients are California residents who live in expensive areas such as San Francisco, San Jose, Los Angeles, Orange County, and San Diego and invest in rental properties in less expensive states such as Ohio, Indiana, Kansas, and Tennessee. And time and time … [Read more...] about 7 Tax Tips for New Out-of-State and Turnkey Real Estate Investors
Over the holidays I wore three hats: a Santa Clause hat, a blogger hat, and a CPA hat. 🎅 My Santa Claus hat compelled me to give gifts to friends and loved ones on the nice list. 🤔 My blogger hat compelled me to work on my next product launch, schedule a bunch of pins in Pinterest, calculating income reports, and getting a head start on 2018 blog content. 🤓 And my CPA hat … [Read more...] about 3 Ways that Bloggers Can Save $1000s With the New Tax Law