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Adding Clarity: Replace Roof, Write Off the Old Roof

Adding Clarity: Replace Roof, Write Off the Old Roof

The IRS allows you to write off the old roof or component when you replace it on your rental property. The write-off of the old component creates three major tax benefits for you:   Immediate ordinary loss write-off. You can claim an immediate deduction for the...
Shedding Doubts About Selling Your Home to Your S-Corp

Shedding Doubts About Selling Your Home to Your S-Corp

If you want to convert your home to a rental property, you can improve your tax benefits by selling it to your S corporation.   Benefits of Selling Your Home to Your S Corporation   Tax savings on home sale profit. By selling your home to your S corporation,...
What You Can Do with an Overfunded Section 529 Plan

What You Can Do with an Overfunded Section 529 Plan

Have you established, or are you considering, a Section 529 savings plan for a child, grandchild, or other family member?   Such plans are a great way to help pay for a person’s college education. Contributions are not federally tax deductible, but they grow...