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Real estate investing tax breaks are one of the big reasons many investors buy property. As an investor, you can write off all sorts of things that will end up reducing your taxable income, and therefore, reducing the amount that you owe.

Just to give you a feel, here are some of the things you can deduct that you're probably already spending money on in your real estate investing activities:

• Travel to go see your property (Maybe it's even in the same city as your in-laws or your favorite beach vacation spot)
• Interest on your mortgage for the property
• Insurance on the property
• Property Management, Accounting, Legal Fees, Accounting, and other professional advice
• Training and education associated with your property
• Repairs and Maintenance at the property

But remember, you can't charge for your own time working at the property, you can only account for things that you pay someone else to do. So, the next time you're wondering whether to pay the neighbor's kid to mow the lawn at your rental property or do it yourself, remember, you'd be paying him with pre-tax dollars.

Don't buy a property JUST to save money on taxes...

Tax savings can really add up! They can turn a property that puts money into your pocket every month into a tax write-off. But remember, it's not all fun and games. You still have the responsibility of finding a good deal, managing your property, and selling it when the time is right. Don't buy a property JUST for the tax benefits alone (a lot of people who did that got wiped out - bankrupted! - in the 1980's when the tax law changed and their tax write-off's went away.) Always make sure your property fundamentals are sound!

Knowing When To Sell To Maximize Tax Breaks

Knowing When To Sell To Maximize Tax Breaks Speaking of selling property, bear in mind that one of the purposes of the tax law is creating incentives for you to do certain things. The government is rewarding you (with tax breaks) for taking desired actions.

In the case of real estate investing, the government wants to reward you for holding property long term (over 1 year) as affordable rental housing in many cases - rather than having you get rich with short term fix-and-flip strategies.

If you hold the property for less than a year, the government treats your income as short-term capital gains tax, which is taxed at your ordinary income tax rate (that's HIGHEST of your tax brackets, usually).

To get the lowest tax rates, hold the property for at least a year and your profit on the sale will be considered long-term capital gains and the tax treatment will be much better. Currently, long term capital gains tax rates are just 15%, but President Obama has suggested he will raise the tax rates to 20-25%... so stay tuned!)

If you don't want to pay any taxes at all when you go to sell your property, consider participating in a 1031 Exchange, or Starker Exchange (same thing, different names). This is a transaction in which an intermediary helps you sell one property and then buy another similar investment property. You can roll all your profits from the sale of the first building into the purchase of the second building. If you do - you won't pay any tax on the new building! Do your own research, but it's worth getting more information on 1031's if you're selling a property with a lot of equity and want to make sure you'll minimize your tax bill!

Real Estate Professional Status

Long term capital gains tax treatment isn't the only real estate investing tax break in jeopardy... The Real Estate Professional status is also getting harder to qualify for. Real Estate Professional is an IRS designation which says you spend at least 750 hours a year working in real estate investing, and that real estate is your primary business. If you qualify for this designation, you have the ability to deduct ALL your losses from real estate, even if they are in excess of $25,000/year. If you don't qualify, your real estate deductions may be limited, especially if you are a passive investor not actively involved in real estate investing, or you have an especially high income.

Another bug-a-boo in the land of real estate investing tax benefits is the AMT or Alternative Minimum Tax. This is a tax that hits high income earners if they have too many tax deductions, even if those deductions are legitimate. Congress keeps patching this, but it's hitting - and hurting the middle class. If you earn more than about $130,000/year this may affect your family, so consult with a tax advisor to see if you'll be able to take advantage of the real estate tax breaks you're expecting.

More Real Estate Investing Information

Please, as you read through this article, bear in mind that I am not an accountant or tax attorney. I am another investor like you and I am just sharing from my own personal experience. Tax law is complicated and changing, so I encourage you to consult with your own team of professionals on any topics that you need more information on or strategies you plan on implementing.

Emily Cressey is a commercial real estate investor and blogger. You can learn more about real estate investing tax strategies, ask her questions, and get real-world investment stories from the trenches by visiting her blog: http://www.TheRealWealthBlog.com While you're there, be sure to download the Free Real Estate Investing Deal Analysis Software.

Riding with the right eyewear

As anyone who has ever rider a motorcycle knows, bikers have a huge potential for road hazards on an open face.  The threat of dust, gravel, bugs, and other road debris is always present so proper eye protection is greatly important.  One of the best ways to get great eye and face protection is the use of a full faced helmet with a face shield.  The combination of a full helmet and face screen keeps the hazards of the road off of the riders face.

Not all bikers enjoy a helmet however and where permitted do not wear helmets leading to a lack of that important face shield.  With the eyes exposed there is a potential for damage to the eyes from the previously mentioned road hazards and also the sun.

Ultra violet radiation from the sun can cause several conditions which can lead to loss of vision, diminished sight, and loss of visual acuity due to retina damage as well as cancer around the eye.  The use of proper eye wear can lessen these forms of damage to the eye by blocking the UV radiation from entering the eye.

The sun also emits infrared radiation that brings the heat to the skin and eyes which dry, scratchy, uncomfortable eyes that adds to discomfort while riding a motorcycle.  With all of the wind in your face the last thing that you need is any additional dryness and discomfort to distract you from the road.

So what do you need to look for when selecting a decent pair of glasses to protect your eyes?  Any pair of sunglasses that offers 100% Full Spectrum UV protection for sunny as well as cloudy days is a good place to begin.  The helpful addition of lenses that will also protect against the suns infrared radiation through the use of IR filtering Polycarbonate lenses adds to the comfort of a bikers eyes also.

And of course, the main purpose of sunglasses, being able to block some of the visible light that glares on us on bright and sunny days.

Well Dressed Biker (www.welldressedbiker.com) offers a superb line of stylish glasses and goggles that supply the much needed eye protection along with the ever important good looks with the introduction of SOS Eyewear.

Some of the features that SOS Eyewear offers are:

Composite Shock Frames that gives the glasses a super strong durability, flexibility, and comfort.

Xtreme Lens Technology that blocks glare and reflects the suns brightness and enhance vision through a colorful iridescent mirrored look that is unperceivable to the wearer.

Polarized Multi-Layer Filtration, which does not use polarizing films which degrade over time, uses hand poured, distortion free, high tech polycarbonate lenses.

Exchangeable lens systems to meet all lighting conditions.

These glasses and goggles offer the best protection and style for the price.  SOS Eyewear offers the features and benefits that make them a sound choice when deciding on what glasses to get to protect your eyes from road hazards as well as sun damage.  Find the eyewear that you need to make every motorcycle ride perfect and make you look your best at www.WellDressedBiker.com

About the Author

 

I'm terrified: can the IRS make me sell stock to pay back taxes? what if I would be broke after that?

I am aware I have behaved stupidly.
I'm afraid to find out how much I do owe, but failure to pay includes several years, and there are all those interest debts from the earlier years.
Um, also owe the state, but they aren't bugging me yet.
I have stock and a car not paid for.
And a nearly worthless job, need to increase income.
Am renting home,
no other sources of income, no family I can ask....
Thanks for answering.

So set up a payment plan. if you owe less than $25,000 you can set up a plan to pay the amount due over 5 years.

As for selling stock, you owe the tax. The tax bill will continue to grow by 12-18% a year. Your stock is unlikely to recover that much in the same time.

Johnny probably was queer Josie Cotton, recalling an early career flap, is back with her notorious anthem
Singer/ songwriter Josie Cotton is best known for asking the musical question, “Johnny Are You Queer?” But the 1982 hit had a queer effect on her career. When she was shopping her first record around, IRS Records offered to sign her — if she dropped the song “Johnny.”

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