by Bill Houston | Sep 23, 2024 | Real Estate
Once or twice a year, a tax client comes to me exasperated because their mortgage broker is not including all of their income in their debt analysis. The most recent situation was one where the broker didn’t understand that a shareholder of an S Corp will...
by Bill Houston | Aug 25, 2024 | Real Estate
Everyone knows that you can only use the capital gain exclusion once every 2 years, right? Wrong. Qualified taxpayers generally can only use the whole exclusion once every 2 years, but in some cases, you can take a partial exclusion within the 2 year period after you...
by Bill Houston | Aug 25, 2024 | Real Estate
MYTH – The maximum capital gain exclusion on the sale of a personal residence is $500,000. Everyone knows that the maximum deferred capital gain on the sale of a home is $500,000, right? Well, actually that’s wrong. That’s the maximum excludable gain...
by Bill Houston | Jan 8, 2024 | Uncategorized
The new clean vehicle tax credits along with the commercial clean vehicle tax credits can be used for ‘qualifying’ fully electric cars, hybrids and fuel cell vehicles. There are 4 ways to benefit from these credits for EV’s placed in service in 2023...
by Bill Houston | Dec 11, 2023 | Uncategorized
Some crypto currencies lost a lot of their value in 2022 and 2023 while a smaller number have recovered some losses in 2023. This update is a review on how to handle both gains and losses on your tax returns and also discusses a couple of new IRS announcements...
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