Do you own a vacation home? If you both rent it out and use it personally, you might save tax by taking steps to ensure it qualifies as a rental property this year. Vacation home expenses that qualify as rental property expenses aren’t subject to the Tax Cuts and Jobs Act’s (TCJA’s) new limit on the itemized deduction for state…
Rental real estate ownership is a common investment strategy for many Americans. The Tax Cuts and Jobs Act introduced beneficial tax deductions for sole-proprietors and owners of pass-through entities. The 20% Qualified Business Income deduction may be available for owners of rental properties – however, navigating the applicable rules is complex. This article provides strategies for taking the deduction and our expectations for guidance from the IRS on the matter.