Commercial property is generally depreciated over 39 years, and residential rental property over 27.5 years. Real property is more than just the building itself – it also contains plumbing, fixtures, carpeting, awnings, removable partitions, window treatments, lighting, HVAC systems .…
If you’re in the market for a new or used car, you already know that prices have skyrocketed lately. According to Edmunds.com, the average vehicle is expected to cost 38% above the starting MSRP in 2022. The average transaction price…
With recent skyrocketing real estate prices, it’s tempting to consider selling your appreciated commercial or investment property. But do you want the resulting high tax bill that comes with that increased profit? A like-kind exchange can be a solution. Under…
If you’re an empty nester or just ready to reduce the time and effort involved in maintaining a larger home, you’ve probably thought about downsizing. With a smaller property, you could save money in reduced utility bills, property taxes, and…
Many of us make new year’s resolutions – new habits we want to cultivate in order to achieve our goals. Amid your weight loss and other self-improvement intentions, here are some financial goals to consider: Review your investments. With market…
Are you an avid collector of a specific item, such as trading cards, rare coins or antique toys? Not only can collecting be an enjoyable hobby, but it also can be financially lucrative if you buy and sell collectibles in the…
Do you own a vacation home? If so and you rent it to third parties, you may be confused about the federal income tax rules that apply. Confusion is especially common if you changed your usage pattern during the pandemic. It…
Families may be able to cash in on various tax credits to offset their tax liability on a dollar-for-dollar basis. Plus, recent legislation has enhanced some of the credits for 2021. Here's an overview of four key tax credits for families…
Do you own a vacation home that's classified as a rental property for tax purposes? Rental property owners may be tempted to use their rental properties for their personal "staycations" or as remote office locations. But this could cause adverse…
You've worked a lifetime to build your wealth and understandably want to pass much of it on to your loved ones. Estate plans are designed to help you do that in the most tax-efficient way possible. But first, to ensure you…