Key Tax Considerations for Real Estate Investors in 2024

Amid the backdrop of market realignment, higher interest rates, and shifting workplace habits, investors remain cautiously optimistic about their real estate allocations heading into 2024. After an overall slower acquisition pace in 2023, market uncertainties prompted investors to adopt a wait-and-see approach, hoping for property values and interest rates to reconcile. Those who returned profitability…

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Reminder – Income from Short-Term Rentals is Taxable in Arizona

Many property owners in Arizona offer short-term residential rentals–lodging rental stays for less than 30 days—especially in the winter. Arizona Department of Revenue (ADOR) reminds property owners that the income from short-term rental stays is subject to Arizona transaction privilege tax (TPT). From ADOR: “If a property owner is only renting their residence for an…

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Arizona One-Time General Welfare Rebate

The Arizona Department of Revenue (DOR) will be issuing a one-time individual income tax general welfare rebate, entitled the Arizona Families Tax Rebate to Arizona taxpayers who meet the following requirements:     filed a full-year resident tax return for tax year 2021 and     claimed a dependent tax credit on the tax return…

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How Your Home Affects Your Taxes: Energy Credits

Just a few years ago, the Tax Cuts and Jobs Act (TCJA) of 2017 greatly changed existing tax laws that affect homeowners. How your personal tax bill has been affected by the changes in the law depends on your income, where you live, how much you spent (or plan to spend) on a home, and…

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IRS Clean Vehicle Tax Credit FAQs

The Inflation Reduction Act of 2022 has altered the requirements for the clean vehicle tax credit, particularly for electric vehicles, including fuel cell vehicles. The credit is available for eligible commercial clean vehicles in addition to vehicles that were previously owned. So, what is the clean vehicle tax credit? For starters, the tax credit can…

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IRS Offers A Host Of Car Credits

Thinking of buying a new car in 2023? The IRS is on your side with some great credits, but you have to follow the strict conditions. Read below to see if you’re eligible. Credits for New Clean Vehicles Purchased in 2023 or Later If you buy a new plug-in electric vehicle (EV) or fuel cell…

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Billing Fraud Schemes Lessons Learned

Many small business owners hire friends and family or have employees who have been with them for years. They may also have vendors they have become close with and do business with regularly. It is easy for small business owners to become lax in their oversight as they trust their employees and other close business…

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IRS Offers More Time to Make Portability Election

Portability is often an effective, go-to estate planning strategy that could make a considerable difference for taxes owed on larger estates, especially with today’s generous exemption amounts. In a recent ruling, the IRS took steps to make filing for portability even easier. More Time to Make the Election Revenue Procedure 2022-32 now grants a surviving…

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