Debra Largent’s Post

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

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

It's #TaxTipTuesday! Have you heard of the Augusta Rule? The “Augusta Rule” is a tax deduction for business owners that provides a way for homeowners to rent out their home for up to 14 days per year. The income is tax-free and doesn’t need to be reported. To qualify for the exemption, the taxpayer must be renting out a dwelling unit that they use as a personal residence, and the rental price must be reasonable for that location on that date. As always, be sure to discuss the ins and outs of this tax planning strategy with your tax pro.

Tax secrets hack to reduce your income taxes to ZERO! For this to work you’ll need to own some rental properties and then qualify as a “real estate professional”. This is different from a real estate agent so don’t get them confused. You don’t need to be an agent to qualify either. You just need to spend around 15 hours a week managing and working on your real estate. This status allows you to take massive depreciation deductions off your overall taxable income. This is how The wealthy reduce or avoid paying income taxes each year. #financetips #taxtips #investmentproperty

Whether you're a seasoned homeowner or new to the market, understanding how to effectively manage your property taxes can lead to significant savings. Here are a few pointers: 1. File for Homestead Exemption:Ensure you're taking advantage of any exemptions for which you qualify. 2. Review Your Assessment: Check your property assessment for any errors and consider appealing if it seems high. 3. Understand Deductions: Be aware of what home improvements and deductions can reduce your taxable value. Navigating your taxes doesn't have to be daunting. With the right knowledge, you can potentially reduce your annual costs. 🌟 👉 Comment for a detailed guide on managing your property taxes and to learn more about available tax benefits in Chilliwack! #ChilliwackRealEstate #TaxSavings #PropertyTaxes #HomeownerTips #FinancialAdvice #SaveOnTaxes #RealEstateTips #BudgetSmart

Many past and future expenditures on buildings are now eligible for a permanent tax deduction. If you own a building and have done renovations, repairs or improvements you MUST attend this free Tangible Property Tax Methods webinar - Overlooked Tax Deductions for Building Improvements, Repairs or Renovations. It could be the most profitable thirty minutes you have ever spent. Learn more and register here: https://lnkd.in/dGm4DPkY #deductions #accountingservices

🏷️ Tax Relief Spotlight: Did you know that property taxes paid on your commercial building are typically deductible? 🚀 Transform Your Business Strategy: Harness Property Tax Deductions for Commercial Real Estate! 💼💡Owning commercial real estate involves navigating property taxes—a crucial factor for landlords and business owners alike. But it's not just about compliance—it's a strategic opportunity. Property taxes are determined by factors like property type and location, impacting your cash flow and planning. Strategically deducting these taxes can lower your taxable income, reducing your IRS burden and freeing up resources for operations. Maximize your financial health with savvy tax deductions. Let's talk about how to leverage property tax benefits for your business success! 💰📊 #CommercialRealEstate #TaxStrategy #FinancialHealth #XchangeCR Logan D. Freeman Catie Sullivan-Cobb

Have you received your property appraisal from the Bexar County Appraisal District? Check to see if your valuation is at or above the current market valuation. Use Ownwell Tax Solutions to protest your valuation. Their price structure is fairly simple. If they fail to reduce your appraisal amount, then you owe them nothing. If they are successful, their fee is 25% of the projected tax savings earned. Using 2.25% as our projected tax rate, if they can reduce your appraisal by $10,000, you would end up saving $225 on your tax bill and your fee to Ownwell would be $56.25. You can begin the process online to register your property for protest with Ownwell Tax Solutions. The deadline to file a protest of your taxes is May 15, 2024 so time is of the essence.  Here is their link to their website, Ownwell Property Solutions. Wayne Marinik  Ownwell #propertytaxes   #sanantoniotx  #propertymanagement  #realestate https://lnkd.in/gEKNuW_Y

Many past and future expenditures on buildings are now eligible for a permanent tax deduction. If you own a building and have done renovations, repairs or improvements you MUST attend this free Tangible Property Tax Methods webinar - Overlooked Tax Deductions for Building Improvements, Repairs or Renovations. It could be the most profitable thirty minutes you have ever spent. Learn more and register here: https://lnkd.in/gT4RbhiH #deductions #accountingservices

Do you owe taxes when selling your house? Here's the typical rule: If it was your primary residence for 2 of the last 5 years, you may qualify to exempt up to $250k in capital gains taxes when you sell (or $500k if married filing jointly). 🏠💵 But if you didn't live there for at least 2 of the past 5 years, you may owe capital gains taxes on the sale profit. The amount will depend on the gain, your tax bracket, and other factors. 📉 There are exceptions, like rental properties or second homes. In that case, different tax rules apply. 💲 Bottom line - consult a tax pro to understand your specific situation and maximize savings! I'm happy to refer you to a great CPA. 🤝 And I'm always here for all your real estate questions. Let's connect anytime!