... your propertytax payment. You can prepay (by December 31) property taxes that relate to 2016 but that are due in 2017, and deduct the payment on your return for this year. But you generally can’t prepay ...
... property. Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But currently, there are restrictions that make these deductions harder to ...
... and local taxes combined — including property tax — is limited to $10,000 ($5,000 if you’re married and filing separately). You still must choose between deducting income and sales tax; you can’t deduct ...
Prepaying propertytaxes related to the current year but due the following year has long been one of the most popular and effective year-end tax-planning strategies. But does it still make sense in 2018? ...
If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly beneficial because ...
... members while moving, The cost of packing and transporting your household goods and other personal property, The expense of storing and insuring these items while in transit, and Costs related to ...
Accelerating deductible expenses, such as propertytax on your home, into the current year typically is a good idea. Why? It will defer tax, which usually is beneficial. Prepaying property tax may be especially ...
... property. And you may be able to deduct the expense of storing and insuring these items while in transit. Costs related to connecting or disconnecting utilities are usually deductible, too. But don’t ...
Currently, home ownership comes with many tax-saving opportunities. Consider both deductions and exclusions when you’re filing your 2016 return and tax planning for 2017: Property tax deduction. Property ...
If last year your business made repairs to tangible property, such as buildings, machinery, equipment or vehicles, you may be eligible for a valuable deduction on your 2016 income tax return. But you must ...
... Reminder: Under the Tax Cuts and Jobs Act, bonus depreciation is being phased down to zero in 2027, unless Congress acts to extend it. For 2023, the deduction is 80% of eligible property and for 2024, ...
... members (even if you charge them market rent) and use by nonrelatives if a market rent isn’t charged. Short-term rentals If you rent the property out for less than 15 days during the year, it’s not ...
... gift property is actually given by only one of you. Thus, by gift-splitting, up to $34,000 a year can be transferred to each recipient by a married couple because of their two annual exclusions. For example, ...
... into before the debt became worthless. You received reasonable consideration (not necessarily cash or property) for entering into the guaranty agreement. Any payment you make on a loan you guaranteed ...
... incurred for the mutual benefit of household members, including propertytaxes, mortgage interest, rent, utilities, insurance on the property, repairs and upkeep, and food consumed in the home. Don’t include ...
... be subject to a different set of limitations.) Below fair market rent Problems arise if you set the rent below the fair market rental value. The reason is this then becomes a rental property that you’re ...
... the amount of W-2 wages paid by the trade or business, and/or the unadjusted basis of qualified property (such as machinery and equipment) held by the trade or business. The limitations are phased in. ...
... stocks now if you believe they’ve reached (or are close to) the peak price and you also feel you can invest the proceeds from the sale in other property that’ll give you a better return in the future. ...
If you own a valuable piece of art, or other property, you may wonder how much of a taxdeduction you could get by donating it to charity. The answer to that question can be complex because several different ...
... 15 days If you rent the property out for less than 15 days during the year, it’s not treated as “rental property” at all. In the right circumstances, this can produce revenue and significant tax benefits. ...