What to consider for 2018 taxes Typically, commercial buildings and improvements are depreciated over 39 years. This means you can deduct a portion of the cost every year over the depreciation period. (This excludes land- you cannot devalue it.) However, specific real estate investments have different tax breaks. Which allow you to implement deductions more rapidly. Many tax laws were revised by the Tax Cuts and Jobs Act (TCJA) to provide a … Read more
Home-related deductions are some of the most common savings on taxes each year. If you own a home, you are eligible for several tax breaks when you file your 2017 return. Here’s how you should be taking advantage of these savings for the 2017 tax year. Home-related tax breaks for 2017 vs. 2018: Property tax deduction. For 2017, property tax is generally fully deductible. Unless you’re subject to the alternative minimum … Read more
Charitable donations allow you to help an organization you care about and, in most cases, enjoy a valuable income tax deduction. If you’re considering a large gift, a noncash donation such as appreciated real estate can provide additional benefits. For example, if you’ve held the property for more than one year, you generally will be able to deduct its full fair market value and avoid any capital gains tax you’d … Read more
There’s still time for homeowners to save with green tax credits The income tax credit for certain energy-efficient home improvements and equipment purchases was extended through 2016 by the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). So, you still have time to save both energy and taxes by making these eco-friendly investments. What qualifies? The credit is for expenses related to your principal residence. It equals … Read more
