18 March

Six Key Tax Breaks for Homeowners

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 …

25 January

Repossessing Investment Property Sold in a Seller-Financed Deal

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 …