5 things you need to know about 1031 exchanges
Most people who purchase real estate have heard the term 1031 exchange, but not a lot of people know all the nuts and bolts. Here are the 5 things you need to know about them. What is an 1031 exchange? A 1031 exchange is a very popular way for you to build wealth with real […]
For Realtors, 2% will be the new 6%
The National Association of Realtors (NAR) settled a major lawsuit last week with the DOJ (Department of Justice) in which they agreed to pay $418 million in damages and eliminate their current rules on commissions. Currently realtor commissions on selling a property hover between 5%-6% of the sales price of a residential home. I’m going […]
Airbnb Schedule C or E: How to report your Airbnb Taxes
Owning an Airbnb or VRBO is a great way to bring in extra money, especially since they can bring in more than a traditional rental. However, there is one part of running an Airbnb people don’t understand. Airbnb taxes. Did you know that there are different tax rules for running short term rentals like an […]
Airbnb Deductions
In my last article I covered how to report your Airbnb on your taxes. If you haven’t read that yet, I recommend going back and reading it (here). Now I’m going over the write-offs and deductions you can take to lower your income tax and pay the IRS less. Airbnb Deductions There’s a lot of […]
How To Get A Mortgage Even If You Owe The IRS Big-Time
So you want to buy a home but you owe the IRS money. Unfortunately, if the IRS has got installment agreements with you or tax liens on you, you’ve got a big, big problem. To make things worse, you know that interest rates are going up. But there’s a silver lining. As monthly payments on […]
Real Estate’s Not Going to Crash
As you’re probably aware, interest rates are on the rise. Many are speculating that the housing market is going to crash just like during 2008-2009 financial crisis. I’m here to tell you that’s a misnomer. Today’s real estate market is nothing like 2008, and I’m going to explain why. Here are the reasons why I […]
Real Estate Depreciation and your Taxes
Let’s face it, people become rich through real estate. Historically real estate goes up making people wealthier, but there’s more to it than that. We’ve all heard that real estate has tax advantage but aren’t sure what they are. I’m here to tell you, one of the ways the rich become wealthy through real estate […]
4 ways to sell your home and save on taxes
COVID has motivated people to move from where they are living to new cities all over the country. During my lifetime, I have never seen such a mass exodus of people moving like this. The exodus has encouraged people to purchase and sell real estate. When my clients get ready to sell their property the […]