LodeStar’s Post

People are willing to commit tax fraud to claim real estate professional status (REPS). The ability to defer taxes indefinitely is something high income earners are clamoring for. So, if you are a business owner in a real property trade or business who actually meets the IRS definition of REPS: 1. Learn the tax rules so you can play by them. 2. Invest in real estate in the class and markets that suit your risk tolerance. 3. Continue to bulletproof yourself from the risk of your business and set your rentals up to provide long-term cash flow and borrowing potential. 4. Pass the properties off to your family (pay attention to the treatment of gifts and estate when it comes to the taxes). Buy Rental Real Estate. Cost-Segregation Study. Depreciate. Defer. Die. Step-Up in Basis. Cost-Seg…your heirs repeat. #Taxes #BulletproofBusinessOwners #RentalRealEstate #Depreciation #D1AgentGroup

🏡 Homeowners, don't miss out on savings! If you bought a home in 2024, the deadline to file your homestead exemption is April 1, 2025. This exemption could significantly lower your property taxes, but you need to act fast. What to do next: ✔️ Check with your county tax office for application details. ✔️ File early to avoid last-minute issues. Filing is quick and easy. Questions? We're here to help! #BankSouthMortgage #YourLocalLender #HomesteadExemption #HomeownerSavings #FileEarly #PropertyTaxes

🏡 Homeowners, don't miss out on savings! If you bought a home in 2024, the deadline to file your homestead exemption is April 1, 2025. This exemption could significantly lower your property taxes, but you need to act fast. What to do next: ✔️ Check with your county tax office for application details. ✔️ File early to avoid last-minute issues. Filing is quick and easy. Questions? We're here to help! #BankSouthMortgage #YourLocalLender #HomesteadExemption #HomeownerSavings #FileEarly #PropertyTaxes

𝗔𝗿𝗲 𝘆𝗼𝘂 𝗰𝗼𝗻𝘀𝗶𝗱𝗲𝗿𝗶𝗻𝗴 𝗮 𝗺𝗼𝘃𝗲? 𝟵 𝗦𝘁𝗮𝘁𝗲𝘀 𝘄𝗶𝘁𝗵 𝗡𝗼 𝗜𝗻𝗰𝗼𝗺𝗲 𝗧𝗮𝘅 - 𝗘𝘅𝗽𝗹𝗼𝗿𝗲 𝗬𝗼𝘂𝗿 𝗢𝗽𝘁𝗶𝗼𝗻𝘀! If you're looking for states with no income tax, here are nine great options... 1️⃣ Florida 2️⃣ Nevada 3️⃣ New Hampshire (Note: New Hampshire taxes interest and dividend income) 4️⃣ South Dakota 5️⃣ Tennessee 6️⃣ Texas 7️⃣ Washington (Note: Washington has a capital gains tax on high earners) 8️⃣ Wyoming 9️⃣ Alaska Residents of these states are exempt from paying state income tax on their earnings, which can be a significant financial benefit. Considering a move to one of these states might help you save more of your hard-earned money and enjoy a higher quality of life. 𝙃𝙖𝙫𝙚 𝙮𝙤𝙪 𝙩𝙝𝙤𝙪𝙜𝙝𝙩 𝙖𝙗𝙤𝙪𝙩 𝙧𝙚𝙡𝙤𝙘𝙖𝙩𝙞𝙣𝙜 𝙩𝙤 𝙤𝙣𝙚 𝙤𝙛 𝙩𝙝𝙚𝙨𝙚 𝙩𝙖𝙭-𝙛𝙧𝙞𝙚𝙣𝙙𝙡𝙮 𝙨𝙩𝙖𝙩𝙚𝙨? __________________________________________________ PS: Always consider other factors such as property taxes, sales taxes, and the cost of living when making your decision. #TaxFree #PersonalFinance #FinancialPlanning #IncomeTax 

A 1031 exchange benefits your customers by allowing them to defer the payment of capital gains taxes, thereby increasing their buying power. This is because funds that would otherwise have been paid to the IRS can instead be reinvested in replacement property. This can best be illustrated through a simple example provided in this article.   

Attention, Texas homeowners! Property tax season is wrapping up, and it’s the perfect time to get ready for next year’s tax strategies. Here’s why you might want to consider a property tax protest: 1. Overvaluation 📈 2. Unequal appraisals ⚖️ 3. Data errors in appraisal 💾 4. Missed exemptions 🏡 5. New construction nearby 🚧 6. Market value decline 📉 7. New improvements 🛠️ 8. Property condition changes 🔧 9. Missed notices ✉️ 10. Rapid appreciation 🚀 11. Incorrect property info 🏠 12. Changes in special use designation 🌾 Make sure you're paying only what’s fair! #TexasPropertyTips #PropertyTaxHelp #TXHomeowners #ProtestPropertyTax #SaveOnTaxesTX #FairTaxAssessment #TexasHomeValues #LowerMyTaxesTX #HomeownerSavingsTX #AustinTaxAdvice

🚨 Reminder: July 1st Property Tax Penalty in Texas 🚨 Attention Texas homeowners! 🏠 Did you know that failing to pay your property taxes by July 1st can result in significant penalties? Here’s what you need to know: Starting July 1st, an additional penalty of 12% will be added to any unpaid property taxes. This is on top of the interest and other penalties that have already accrued since the original due date in January. These penalties can quickly add up, making it crucial to address any outstanding tax balances promptly. 💡 Why is this important? Increased Costs: The longer you wait, the more you’ll owe. Risk of Foreclosure: Unpaid property taxes can eventually lead to foreclosure. Credit Impact: Delinquent taxes can negatively affect your credit score. If you’re struggling to pay your property taxes or have any questions, don’t hesitate to contact Houston Tax. We’re here to help you navigate these challenges and find a solution that works for you. Avoid the July 1st penalty—take action now and protect your property and finances! #HoustonTax #PropertyTax #TaxPenalty #Homeownership #TexasRealEstate

Homeowners are increasingly facing capital gains taxes due to rising property values. The capital gains tax exclusion allows single filers to exclude up to $250,000 and married couples up to $500,000 from their gains. However, 8% of home sales exceeded these limits last year, compared to 3.8% five years ago. To mitigate taxes, homeowners should document home improvements and selling expenses, as these can reduce taxable gains. Consulting a tax advisor is recommended to navigate these complexities. Our team at Bennett Thrasher has spent decades serving individuals and families with complex tax issues. We are proactive in providing solutions to properly manage your tax situation. #Taxes #CapitalGains #RealEstate #PropertyTaxes #BennettThrasher https://lnkd.in/eQkxgKYz

Reporting rental property income correctly is essential for maximizing your tax benefits. Use Schedule E to report rental income and expenses for the 2023 tax year. Deductible expenses include mortgage interest, property taxes, insurance, maintenance, and depreciation. Accurate record-keeping is crucial for supporting your claims and ensuring compliance with IRS regulations. Properly categorizing expenses and understanding the passive activity loss rules can significantly impact your tax liability. For those considering selling their rental property, be aware of the tax implications and consider a 1031 exchange to defer capital gains taxes. Consulting with a tax professional can provide personalized advice and ensure you take full advantage of all available deductions and tax strategies. Take control of your rental property taxes and maximize your financial benefits by contacting us for expert guidance and support. #TaxTips #RentalProperty #RealEstate #Finance #LindenhurstCPA #LongIsland #NassauCounty #SuffolkCounty #TaxSeason #IRS #TaxPlanning

Of course, as it's November, let's simplify and focus on the essentials for year-end taxes for homeowners. 1. 🗓️ #DeadlineReminder: Don't forget the tax deadline! Mark April 15th on your calendar and set a reminder to file your taxes on time. 2. 🏡 #DocumentGathering: Gather essential documents, like mortgage interest statements (Form 1098), property tax records, and receipts for home-related expenses. 3. 💵 #ExpenseTracking: Keep a record of your home-related expenses. Use a dedicated folder or digital tool to track receipts and invoices. 4. 💼 #TaxProfessional: Consider consulting a tax professional for expert guidance, especially if you have complex homeowner tax situations. #HomeownerTaxTips #CalendarReminders #OrganizationIsKey