The days of classic “tax shelters”— such as cattle breeding or oil drilling deals — are long gone. But at least one major tax shelter is still standing: Your home. If you own your principal residence, you can cash in on a bevy of tax breaks, saving thousands of tax dollars or even more. Here are six ways your home …
According to Forbes.com, 80-90% of all firms across the globe and the top 500 largest family-owned firms generate a combined annual revenue of $6.5 trillion which totals an economy only smaller than the U.S. and China. These firms have effectively been able to pass down control of the company to the next generation. Based on a survey done by EY’s …
Let’s say you sold investment real estate in a seller-financed installment sale transaction. Later, you’re forced to repossess the property because the buyer fails to meet his payment obligations. What are the federal income tax consequences of the repossession? This article will provide the answer. Repossession Tax Basics Under Section 1038 of the Internal Revenue Code, repossessing investment real estate …