Taxes

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Calculating Depreciation for Residential Real Estate Investments

If you didn’t catch the first part of the TwoWiseAcres quick and dirty guide to taxes for the real estate investor, you might want to check it out. In the first part, I walked through reporting income and expenses for rental properties on Schedule E. In this part, I’m going to cover the [...]

15Apr2008 | Mike | 3 comments | Continued
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Reporting Taxable Income and Expenses for Real Estate Investments

It’s tax time once again. And if you’re a real estate investor and you’re anything like me, it is about this time every year when you contemplate switching your investment portfolio to something like a savings account. Granted, savings accounts return about 1.5% per year, but at least you don’t have to fill [...]

13Apr2008 | Mike | 4 comments | Continued
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Haven’t Filed 1099-Misc Forms Yet? Here’s a Solution

Earlier this week, Rob wrote an article about 1099-Misc filing requirements for real estate investors. After the bellyaching about my lack of timeliness, he noted that an electronic filing option is available but wrote that we use the paper filing method. There’s a reason.
Unlike most tax forms, which can be obtained in fillable [...]

31Jan2008 | Mike | 0 comments | Continued
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IRS Form 1099-Misc Deadline is Just Around the Corner

The deadline for issuing Form 1099-Misc to contractors reminds me of my anniversary. I know when it is every year because the date never changes, yet some how I’m always racing around the day before trying to stave off disaster. Well not this year, I told myself. The Form 1099s must be [...]

25Jan2008 | Rob | 12 comments | Continued
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Real Estate Investors’ Potential Tax Trap: Depreciation Recapture

Depreciation is one of the great tax advantages to real estate investing. But as the tax man giveth, he taketh away. With real estate, the taketh-ing is by means of depreciation recapture. Recently, in response to Mike’s article about depreciation deductions for real estate investors, a reader asked about the effect of [...]

3Jan2008 | Rob | 3 comments | Continued
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Tax Benefits of Depreciation for the Real Estate Investor

As we approach the end of the year, it is a time to reflect on the year, to celebrate the season, and for some of us, to begin a three and a half month long curse of the tax man. Even as many W-2 employees start to look forward to the largesse of “free [...]

19Dec2007 | Mike | 10 comments | Continued
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TAX ALERT: Owning a Second Home is About to Get More Taxing

Congress wants to help those who’ve lost their home to foreclosure. One bill that has passed in the House and is racing through the Senate would do just that by getting rid of what I call the “kick’em when they’re down” tax. Under current law, if a mortgage lender forgives some portion of [...]

27Oct2007 | Rob | 0 comments | Continued
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5 Tax-Free Ways to Make Money with Real Estate Investing

So you not only want to make money in real estate but you want to keep it all too? Jeez, it’s always more, more, more with you. Well, we like your moxie. So here are 5 ways to keep what you make with real estate investing (and perhaps a wee bit more).

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5Sep2007 | Mike and Rob | 2 comments | Continued