There are a lot of tax provisions and updates for individuals and businesses that have been included in the Act that was signed into law on Sunday Dec 27, 2020. These are only some important ones that will probably affect most taxpayers. I am urging everyone to choose their tax accountant very carefully this year.
If you rent buildings, rooms, or apartments, and provide basic services such as heat and light, trash collection, etc., you normally report your rental income and expenses on Schedule E. But, did you know that your deductions and losses are limited? You generally can’t offset income, other than passive income (in this case rental income),
While these are new methods that making renting your home easy, there is some tax implications that you need to be aware of in order to increase your net profit. What is a dwelling unit? Dwelling unit includes a house, apartment, condominium, mobile home, vacation home, or similar property that has basic living accommodations, such
In this article, we will explain how you can reduce your taxable income by correctly deducting your Mortgage Interest. If you obtained your mortgage on or before December 15, 2017, the new tax law doesn’t change the amount of your deductible mortgage interest. This means the old rules still applies to you!! However, if you
