by ABIP | Sep 1, 2022 | Accounting, Individuals, Newsletter, Real Estate
Keeping full and accurate homeowner records is not only vital for claiming deductions on your tax return, but also for determining the basis or adjusted basis of your home. These records include your purchase contract and settlement papers if you bought the property,...
by ABIP | Dec 1, 2021 | Accounting, Individuals, News, Newsletter, Real Estate, Taxes
Individual Taxpayers: The Year in Review As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2021. Personal Exemptions Personal exemptions are eliminated for tax years 2018 through...
by ABIP | Nov 1, 2021 | News, Newsletter, Real Estate
IRS Charges Fee for Estate Closing Letters Starting October 28, a new $67 user fee will apply to any estate that requests an estate tax closing letter for its federal estate tax return. This closing letter is formally referred to as IRS Letter 627. Background By law,...
by ABIP | Aug 5, 2021 | Individuals, Newsletter, Real Estate
If you’re looking to sell your home this year, then it may be time to take a closer look at the exclusion rules and cost basis of your home to reduce your taxable gain on the sale of a home. The IRS home sale exclusion rule allows an exclusion of gain up to...
by ABIP | Jun 19, 2014 | Real Estate
When trying to determine the best business entity for real estate investing, you may notice that the process is slightly tedious. You will have to deal with tons of paperwork, documentation, and go above and beyond to make sure you and your investment is legally...
by ABIP | Jun 11, 2014 | Real Estate
From the time that you initially decide to begin investing in real estate to buying your first property, there is a seemingly endless amount of work to be done. This is a considerably daunting thing to many people. Believe it or not, the business of owning property is...
