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Converting Your Home to a Rental

Converting Your Home to a Rental

The simple maneuver of converting your personal residence to a rental property brings with it many tax rules, mostly good when you know how they work. The first question that arises when you convert a personal residence into a rental is how to determine the property’s...

Get Paid: Hire Your Child

Get Paid: Hire Your Child

You can pay your child to work in your business and get paid for paying your child. The basic mechanics of this are (a) you deduct the wages and (b) your child pays zero or very little in income taxes. The three points below elaborate on this: The child (a single...

Combine Your Home Sale With a 1031 Exchange

Combine Your Home Sale With a 1031 Exchange

You don’t often get the opportunity to even consider making a tax-saving double play. But your personal residence combined with a desire for a rental property can provide just such an opportunity. This tax-saving strategy is to combine the tax advantage of the...