Before you sell a property to a relative at a loss, stop and find out more about the tax consequences. Special tax rules, such as the loss disallowance rule, make it a bad idea. In a nutshell, you won’t be able to claim the loss[...]
What are the tax consequences of renting a home you own to a relative? In normal circumstances, when renting a home or apartment, you’re entitled to a depreciation deduction for your cost of the house or apartment (except for the portion allocated to the land).[...]
With the stock market making record gains, it’s a good time to review how you, as an individual, are taxed on the gains and losses from your investments. According to the IRS, nearly everything you own and use for personal or investment purposes is a[...]
In this short video, James Curran CPA/PFS discusses President-Elect Biden’s proposed tax plan and what you can do to prepare.
How does the cancellation of your student loan affect your tax liability? In general, if a loan or other debt you owe is canceled, you must report the cancellation as income. This means that you will generally have income that you must pay taxes on[...]