When you own rental property, one of the key tax benefits is deducting rental expenses from your rental income, but things can get more complex when you also use the property for personal purposes. Real estate investors may purchase properties based on the appeal of using it for vacations, family reunions, or making it available…
Real Estate Professional status is a unique designation under U.S. tax law that can have significant benefits for individuals involved in real estate activities. Here’s a breakdown of what this status means, how to qualify, and why it matters for your tax situation. What is Real Estate Professional Status? Real estate professional is a tax…
The Corporate Transparency Act (CTA) was passed to improve business ownership transparency and reduce financial crimes including tax evasion, money laundering, and terrorism financing. Starting January 1, 2024, certain businesses are required to file beneficial ownership information (BOI) with FinCEN as part of their compliance obligations. Failure to comply with these requirements could result in…