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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Daniel Marques, CPA, MT
Chris Catarino, CPA, MT
State and local governments and taxpayers beware - the IRS has its eyes on recent proposals designed to circumvent the new $10,000 limit on state and local tax deductions imposed by the Tax Cuts and Jobs Act (TCJA). For the time being, you may want to hold off on making contributions to these newly established state and local tax credit funds if you expect to receive a federal charitable contribution deduction in return. Here's why...
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By: Melissa Banion, CPA, MT
Buying a house will likely be the largest purchase you make in your lifetime. It is a significant investment and much consideration should go into your decision-making process before executing the transaction. Yes, it is scary and can be overwhelming if you are not prepared and do not do your homework before jumping in. Luckily, the Tax Warriors® are here to give you guidance before you contact a real estate agent.
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By: Adele Kilgus, CPA
Summer is quickly approaching, which means weekend getaways for fun in the sun. If you are looking for extra income to fund your relaxation time, you might rent your home to summer travelers while you are out of town. Airbnb, HomeAway, and other similar services make the process of short-term renting much simpler by handling all booking and collecting of payments. However, even with the added simplicity, there are still some important tax implications to consider. With proper planning, you can maximize your extra income and minimize any extra tax liability.
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By: Nashwat Hussein-Sagaff, CPA
Since 1999, many businesses have benefited from the Keystone Opportunity Zone (KOZ) Program. KOZ reduces or eliminates taxes to drive investment and economic development where little or none has taken place. In 2018, many KOZ designated properties are due to expire, along with their zero-tax status. Without an extension, these companies must prepare for normal business taxation. Here’s what they need to know…
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If you paid Pennsylvania or Philadelphia real estate transfer taxes you may be entitled to a refund! Not many people are impacted and the time frame that this is applicable is narrow.
October was a busy month for City Council as Philadelphia lawmakers introduced a slew of proposed legislation, much of which aims to increase revenue collections for the city. What this usually means for Philadelphians are rising business or property tax rates, expanded commercial licensing requirements, or a repeal of the most particularly useful credits. However, the proposals this year are rather different. Focusing on delinquent taxpayers, the new legislation proposes to lower interest and penalty rates on unpaid taxes, along with other measures, to encourage payment of overdue tax bills.
