Basic Taxes
When Are Taxes Due in 2024
April 15th 2024
When did U.S. Citizens start Paying income Tax?
After the Civil War
Do you have to pay capital Gains when you sell your home in MN?
If your capital gain is above$250,000(or %500,000 for a couple filing jointly)
Can a Agent Write off a hair cut?
NO
How do you avoid depreciation recapture on a rental?
Use a 1031 Exchange
When are K1s Due in 2024
March 15th 2024
Who is the Highest Indevidual Taxpayer in the world?
Jeff Bezos He Pays over 2.4 Billion a Year
How do I avoid Capital gains tax on the Sale of my home?
You must 1st: Owned the home and used it as their principal residence for 2 out of the last 5 years up to closing.
Can an Agent write off a cell phone?
You can deduct the business percentage of your cell phone bill if it is for work!
If a seller sells a home that they have lived in for less than 2 years how do they avoid capital gains?
Move more than 50 miles away!
How long can a tax extension be?
6 months
The IRS taxes the richest Americans at 37% wheras the top Federal tate in Canada is 33%
What is the New capital gains tax in MN? (as of Sept 15th 2023)
an additional 1% tax rate on top of the current 9.85% rate for investments income over $1 million(defined as income from a capital gain.
What is the current IRS mileage rate per mile?
65.5 cents/mile - self-employed
What is the typical rental depreciation you can take each year against your income?
3.636% (27.5 years)
How much can you Claim with out receipts?
$300 IN TOTAL for work expenses
Can I claim my girlfriend as a dependent?
You may be able to claim your significant other as a dependent on your taxes if you pay for over 50% of there basic living expenses.
How do you calculate Capital gains on a home sale?
Subtract your Basis(what you paid) then realized amount(how much you sold it for) to determine the difference.
Can you deduct Health Insurance?
Yes as long as: You or your spouse are not eligible for an employer-sponsored health plan
Who can take 100% of rental depreciations against there income?
Real Estate Pros who work more than 750 hours a year in the trade!
Can I get tax deductions for working from home?
Generally ONLY self-employed people can claim tax deductions when working from home.
What is the Largest Tax Paid By Americans
Individual Income Tax
What is the 6 year rule for capital gain tax?
Taxpayers can claim a full capital gains tax exemption for their principal place of residence. They can also claim this excemption for up to 6 years if they moved out and rented the property!
Can an Agent write off a Membership such as a chamber or other professional membership fees?
Yes
What is a cost Segregation?
A tax Planning tool that gives real estate investors the chance to accelerate the depreciation of their investment properties.