What NY/NJ PTET Changes for Taxpayers in 2022?

GET IN TOUCH GET IN TOUCH The recently-implemented Inflation Reduction Act brought about sweeping changes impacting U.S. taxpayers. Yet, one frequently-debated provision of the tax code ended up remaining unchanged, in spite of demands from representatives of high-tax states with Pass-Through Entity Tax (PTET) laws: the SALT cap.  However, although federal legislators who supported a…

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Inherited IRAs: What Beneficiaries Need to Know

GET IN TOUCH GET IN TOUCH Being named the beneficiary of a person’s retirement plan is an honor and demonstrates that the person who passed away was willing to trust you with their life savings. However, if you are receiving this type of inheritance, you should know it also comes with significant responsibilities, choices, and…

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The QBI Deduction: What Real Estate Businesses Need to Know

According to the IRS, qualified business income, or QBI, is “the net amount of qualified items of income, gain, deduction, and loss from any qualified trade or business.”

To explain it more simply: Qualified business income refers broadly to your business’s net profit.

To learn more about the qualified business income (QBI) deduction, and discover what it means for your real estate business or rental property, continue reading.

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What is a Like-Kind Exchange, and What Does It Mean for Your Taxes?

The most common way to profit from owning a piece of real estate is by selling the property for more than you paid, often because the property’s value has appreciated or increased over time.

Fortunately, there is a way to cash out on a property and avoid a hefty capital gains tax bill: Section 1031, or a “like-kind exchange,” allows you to defer or postpone capital gains tax liability on the transaction.

To learn more about 1031, or like-kind exchanges, and what they mean at tax time, continue reading below.

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Casualty and Theft Losses: What’s Deductible in 2022?

Nobody wants to think about the potential destruction of their personal property due to a disaster or loss due to theft.

However, casualty loss rules are complicated, so there are some things you should know beforehand should the worst happen. Of course, we sincerely hope that you will never need this information. But as the Scout motto goes: Be prepared.

To learn more about what personal casualty or theft losses may be deductible on your tax returns, how to calculate your loss, and when to deduct such losses, continue reading.

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