The 5 tax rules a military landlord needs to know before renting out their home

The nature of military lifestyle means frequent moves, uncertain surroundings, and the only thing that is constant is change.

Service Members invest in real estate for the same reason anyone does.  It is a nice thought to be building equity in your name rather than someone else’s, it is difficult to find rental properties in desirable areas, at a decent rate, that will take our furry children, housing on post is nonexistent or the wait time is ridiculously long.  

Owning your own home is a feeling unlike any other.  It can be freeing,(you can finally paint those walls in the dining room red) or it can be daunting – you’re the one that has to fix that leaky roof.

A home purchase is often the largest single investment people make.  Here are a few tax rules if you have taken the plunge to purchase a home and decided to rent it out because of a PCS move.   Continue reading

The Reckoning – Time to face those tax documents

The beginning of February is almost like the first week of school or the new year for me.  Taxpayers start receiving their documents and my phone starts ringing with questions about what documents are needed and when can we meet.  My shelf will start to fill with work to be completed and staff will begin to have questions about what exactly to do with this information clients have sent in.  Anticipation starts to build and I make lists, on paper, in my head, and on the computer to prepare for the inevitable onslaught that will be coming in the next 10 weeks or so.

This filing season will be a bit tricky. There are rules that are in effect for 2017 tax year that will be gone for 2018.
 Some of those rules are set to return in 2025, others are gone for good… or until Congress changes their mind. Continue reading