Tax Warrior Chronicles

Tax Considerations of Converting Your Primary Residence into a Rental Property

Posted on Thu, Oct 18, 2018

By: Clare Porreca, CPA, MT

 

Converting a primary residence into a rental property is a common occurrence.  With the real estate market on a slight decline, more taxpayers may decide to rent rather than sell their homes to wait out the market.  If you’re in this situation, read on so you’re aware of the tax implications of converting your home into a rental property.

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Planning for Expiring KOZ Tax Exemptions

Posted on Tue, Aug 14, 2018

By: Clare Porreca, CPA, MT

 

Many businesses in Pennsylvania have benefitted from the Keystone Opportunity Zone Program(“KOZ”).  Some are set to expire soon.  They can be extended for an additional 10 years if certain job creation and capital investment requirements have been met.  If they are not extended, however, businesses previously exempt from many taxes will now be subject to them all.  For those businesses, careful planning is in order.

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Tax Implications of Renting Your Second Home

Posted on Mon, Mar 09, 2015

If you own a second property, especially in attractive tourist destinations like a beach or ski resort, you may consider renting out the property to defray the costs of ownership.  There are a few tax considerations to know of before you purchase an investment property or convert an old residence. Below is a summary of the treatment of income, expenses, depreciation, and basis considerations of your second residence.

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Appeals Court Rejects Retroactive Adjustments in Purchase Price Allocations

Posted on Tue, Aug 13, 2013

 

Peco Foods, Inc. & Subsidiaries v. Comm., (CA 11, 7/2/2013)

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