The Desirable (Yet Complex) Real Estate Professional Classification
Being a real estate professional has its tax advantages, And the average landlord does not want to pass it up. But misusing the classification can unravel expected tax consequences. Investing in rental real estate can be a l... Thomas J. Williams, EA, and Iris K. Palma, JD
Demystifying §199A and Rental Activities
I read Gil Charney’s analysis of the application of §199A to a rental activity in the September/October 2019 edition of EA Journal (“Your Questions Answered,” pp. 12-13) and I do not agree with it. In that case, I believe the taxpayer clearly qualifies to take the §199A deduction on th... Thomas A. Gorczynski, EA, CTC, USTCP
Does Net Rental Income Quality For the Section 199A Deduction
Does Net Rental Income Quality For The SECTION 199A Deduction? By David M. Fogel, EA, CPA, USTCP One of the changes made by the Tax Cuts and Jobs Act of 2017 (P.L. 115-97) was to introduce a new 20 percent deduction for qualified business income. The deduction is intended to benefit taxpayers who have net business income. One of the questions being debated in the tax preparer community... David M. Fogel, EA, CPA, USTCP
The Gig Economy
The gig economy is a growing income sector in the world and a growing niche for tax professionals to harvest. Before jumping into this market, it is necessary to know some things about this area of practice. Let’s start with the definition of a gig, per Merriam-Webster: “a job usually for ... Kathryn M. Morgan, EA
Tax Implications of Owning Vacation Rental Property
One of the greatest feelings is being on vacation. At some point in our lives, we seek to travel to a special place to enjoy time away from work and the daily routines of life where we can relax and explore a place that we have dreamed about. Many people fall in love with their vacation destinations, and they want to come back to them on a regular basis. Some are fortunate and wise to purchase a place to live at one or several of these locati... Anthony Santullo, EA