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Tips to help rental property owners avoid common tax mistakes. Whether you use a tax agent or choose to lodge your tax return yourself, avoiding these common mistakes will save you time and money. 𝗞𝗲𝗲𝗽𝗶𝗻𝗴 𝘁𝗵𝗲 𝗿𝗶𝗴𝗵𝘁 𝗿𝗲𝗰𝗼𝗿𝗱𝘀: You must have evidence of your rental property income and expenses to claim a deduction. You need to consider capital gains tax (CGT) when you sell your rental property, so keep all records for the entire period you own it, and for 5 years from the date you sell it. Need help? 📱0423 861 291 📨 [email protected] 🌐 madaccounting.com.au

Tips to help rental property owners avoid common tax mistakes. Whether you use a tax agent or choose to lodge your tax return yourself, avoiding these common mistakes will save you time and money. 𝗖𝗹𝗮𝗶𝗺𝗶𝗻𝗴 𝗽𝘂𝗿𝗰𝗵𝗮𝘀𝗲 𝗰𝗼𝘀𝘁𝘀: You can’t claim deductions for the costs of buying your property. These include conveyancing fees and stamp duty (for properties outside the ACT). If you sell your property, these costs are added to the cost base and are used when working out if you need to pay capital gains tax. Need Help? 📱0423 861 291 📨 [email protected] 🌐 madaccounting.com.au For more information, see https://lnkd.in/gKuyQrdX

We now hear about people not closing on their new real estate purchases but we are not hearing about the tax implications. If you do not close on a property, the seller can generally successfully recover from you the difference from the original price less the resale price less the deposit (unless you flee the country or acquired it with a company with no assets for which your deposit was likely substantial). Those damages you pay unfortunately may likely either be not deductible at all or at best deductible on account of capital unless you can demonstrate they are on account of lost profits (see The Robert McNeill tax court decision). This means not only will you be on the hook for that difference, the damages paid in most cases will come from after-tax personal dollars without any tax benefits. Always check with your accountant for tax or economic advice before making an important financial decision based on your personal situation. *This post is not meant to serve as tax advice*

If you're selling your house, you may owe a significant amount of taxes depending on a number of factors. Fortunately, there are ways to legally minimize paying those taxes. For example, If you've lived in your house for at least 2 of the last 5 years, you may be able to reduce a large chunk (if not all) of the taxes you would owe otherwise. How is this possible? The Section 121 exemption of the IRS code, commonly known as the "home sale exemption." It allows you to exclude up to $500,000 in capital gains for tax payers that file "married filing jointly." So keep this in mind when you move into the new house and start finding things you don't love as much as you did when you bought it. Selling your current house for a bigger and better version may end up costing you more than what's on the price tag.

COMMERCIAL PROPERTY OWNERS - Are you aware that money expensed on Tenant/Capital Improvements can be deducted from your Income Taxes? Let's say you replaced lighting. Not only can you receive deductions from new lighting installed, but also from fixtures removed! Time is of the essence as you must file by September and analysis has to be performed prior to. Message me and let's discuss...IT'S YOUR MONEY, WHY NOT KEEP IT!

Discover the redesigned property tax bill in Cook County! 🏡 🏢 In our video, explore the "Where Your Money Goes" section and other important changes. With this update, Treasurer Maria Pappas hopes property owners understand where every dollar of their property tax goes 💵 Visit cookcountytreasurer.com to review, download, print, and pay your bill easily. #PropertyTaxes #CookCounty #CookCountyTreasurer #PropertyBill

Could You Be Overpaying on Property Taxes? 🏠💰 Did you know that millions of homeowners are paying more in property taxes than they should? Don't let your hard-earned money go to waste. With propRtax™, discover if you're one of them! Our analysis is your first step towards potential savings. Start now and make informed decisions about your property taxes. 💼📉

Reminder! 2024 property taxes and Home Owner Grant applications are due tomorrow. Pay by July 2 to avoid penalties. Note: if you are financially unable to make the tax deadline, still apply for your Home Owner Grant. This will reduce your tax balance owing and the penalty you will incur. More information at Kamloops.ca/PropertyTax

Paying your property taxes can be tough. If you can’t pay on time, what are the options? Check out our blog to learn about county plans, installment payments, discounts — and how AFIC can help make your payments manageable. https://lnkd.in/dY9KVXXi #PropertyTaxLoan #TexasHomeowners #TexasTaxes #PropertyTaxes #TaxPayments #AFIC

Attention homeowners! Just a friendly reminder that April 10th is the deadline for paying your property taxes. Avoid any unnecessary penalties by ensuring your payments are submitted on time. If you have any questions or need assistance with your taxes, we're here to help! Contact me via phone ☎️ (310) 600-1176 or email 📧 [email protected] and let's ensure a smooth process together. Your peace of mind matters! #PropertyTaxDeadline #HereToHelp #TitleInsuranceExpert