Category Archives: House and Rental Property Tax

Like-kind exchanges, general rules from IRS

What is a like-kind exchange? You can defer tax on your gain through the “like-kind” exchange rules. A like-kind exchange is any exchange (1) of property held for investment or for productive use in your trade or business for (2) like-kind investment property or trade or business property. For these purposes, “like-kind” is very broadly… Read More »

Converting Primary Residence into Rental Property

Renting out your personal residence carries potential tax benefits and pitfalls. The tax consequences of Airbnb and other homesharing services could begin to fall under these rules. People using Airbnb to rent their homes must be considerate of the tax consequences and tax benefits.  Taxpayers are able to take advantage of special tax deductions, but also… Read More »

Rental Property Tax Deductions Allowed

Generally, a person is not entitled to deduct the cost of maintaining a personal residence. There are certain exceptions, allowing a deduction for items such as qualified mortgage interest and real estate taxes. With the advent of Airbnb and other home sharing services, more and more people may become rental property owners and be entitled… Read More »

Tax Effects of Buying and Renting a House

If a person owns a vacation/second home, they may deduct qualified mortgage interest paid with respect to the property.   Deducting Qualified Mortgage Interest on Second Home If the second home is rented out, there might be additional tax benefits. Whether the owner must report rental income, and whether he or she can deduct expenses… Read More »

Income that Landlords Receive Taxable

Not all money received by a landlord is table. There are certain types of payments that will not be considered income. First start by asking what what types of rent payment did you receive in 2014?   Advanced Rent Advance rent is any amount you receive before the period that it covers. This information is… Read More »