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IRS: Swap Your Vacation Home in Tax-Deferred Exchange
Many taxpayers own vacation homes that they've rented out and also used as their personal residences. Can one of these homes be traded for another vacation home in a tax-deferred Section 1031 exchange? According to the IRS, the answer is "yes" under...
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Can You Have Too Much Money in Tax-Deferred IRAs?
In some cases, individuals reach a point where deferring taxes to the max is counter-productive. There are several reasons why this happens. For one thing, while deferring taxes is a good idea when personal tax rates are going down or staying the...
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Study examines like-kind exchanges
Since 1921, investors in commercial properties have been allowed to defer paying capital gains when selling a property as long as they do a like-kind exchange. The long-term and short-term impacts of changes to the provision are examined in The...
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Ten tax tips when selling your home
With the housing market beginning to show signs of coming off life support, you may begin to think about moving. The good news is that, even if you make a profit from the sale of your home, you may not have to report it as income. Here are 10 tax...
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Combine business travel and a family vacation without losing tax benefits
Are you thinking about turning a business trip into a family vacation this summer? This can be a great way to fund a portion of your vacation costs. But if you’re not careful, you could lose the tax benefits of business travel. Reasonable and...
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Combining business and vacation travel: What can you deduct?
If you go on a business trip within the United States and tack on some vacation days, you can deduct some of your expenses. But exactly what can you write off? Transportation expenses Transportation costs to and from the location of your...
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Educate Yourself about the Tax Benefits for Higher Education
Attending college or graduate school is one of the biggest investments you'll ever make — and spring is the time schools normally announce who's in and who's out. If you or your child (or grandchild) plans to attend an institution of higher...
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The Ins and Outs of Deducting Legal Expenses
Legal expenses incurred by individuals are typically not currently deductible under the federal income tax rules. Instead, they're most often treated as either personal outlays (which are nondeductible) or as part of the cost of acquiring an...
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