Real estate and taxes are inextricably intertwined

The tax aspects of real estate ownership are something every buyer should understand. Real estate professionals need to understand them as well. Unfortunately, real estate taxation is complex, and not getting any simpler …

Real estate broker shows how to turn business mileage deduction into a negligence penalty

Jim Chapin, a California real estate broker, used his Toyota Sequoia SUV for his real estate business during 2009. He figured that he drove a total of 11,135 miles for business that year and deducted $5,309 for car and truck …

IRS will let quite a bit slide past April 15

As you probably know, your income taxes are due on April 15. However, this is not really the final date to file your 2013 return. You can get a six-month extension to file, meaning that your return won’t be due …

US Tax Court ruling could save real estate trusts millions

As we’ve discussed many times in this column, anyone who can qualify as a “real estate professional” for federal tax purposes enjoys some unique tax benefits. First, a real estate professional who owns rental property is allowed to deduct an …

IRS’ bitcoin guidance turns every transaction into a reportable capital gain or loss at tax time

The IRS has issued its first official guidance on how bitcoin and other digital currencies that are convertible into dollars or other real currencies on exchanges should be treated for tax purposes. The upshot is that, no matter what bitcoin’s …

Married landlords who file separate tax returns may lose ability to deduct rental losses

The vast majority of the time, it’s best for married people to file a joint return. However, there are situations where they can save on taxes by filing separately. For example, a married couple may save tax by filing separately …

‘Obamacare’ March 31 open enrollment deadline will not be delayed

The clock is ticking on the individual health insurance open enrollment period for 2014, which is scheduled to end on March 31, 2014. Unlike many of the other deadlines established under “Obamacare,” this one will not be extended or delayed. …

3 valuable tax deductions that real estate pros often overlook

Tax deductions are worth a lot. Exactly how much depends, of course, on your top tax bracket. If, for example, you’re in the 28 percent federal income tax bracket, every $100 in deductions will save you $280 in federal income …

Tax overhaul plan has something for everyone to hate

One of the two principal figures in charge of rewriting the nation’s income tax laws is Republican Dave Camp of Michigan, chairman of the all-powerful House Ways and Means Committee. Last week he released an extremely comprehensive tax code overhaul …

Self-employed spouses still owe taxes even if one loses more than the other makes

The vast majority of real estate brokers and agents are self-employed sole proprietors. They are often married to spouses who are self-employed as well. Marital togetherness is great, but when spouses each have their own separately run business, they n…