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Death and Taxes: The Year You Die, a Return Is Due in Your Name

Interesting fact – you’ll never see your last tax return (Publication 559) Few things in life are certain, but two of them are: death and taxes. What most people don’t realize is that the IRS expects one final tax return when you pass away — and that return is filed on your behalf by someone [...]

I Just Inherited Substantial Property—What’s Its Tax Basis?

(Publication 551) – It’s a Good Business, This Inheriting Thing When you inherit property—be it real estate, stocks, or other valuable assets—you’re not just stepping into ownership. You’re also stepping into a new tax situation that can have serious consequences when it’s time to sell. Understanding your tax basis is key to avoiding surprise capital [...]

Let’s Talk About Tax Basis of Your Investments (Publication 551)

When it comes to your investments, knowing your tax basis isn’t just smart — it’s effing based. Understanding the concept of basis under IRS Publication 551 can make the difference between paying what you owe and overpaying Uncle Sam. So let’s break it down in plain English. 🧱 What Is “Basis,” Anyway? Your basis is [...]

Your Tax Guide to Installment Sales (Publication 527) – Don’t Know What These Are? Don’t Worry, You Will.

Selling property can be one of the biggest financial events of your life—especially when the tax bill arrives. But what if there were a way to spread out your taxable gain (and the tax burden) over several years instead of all at once? That’s where the installment sale method, explained in IRS Publication 527, comes [...]

What’s a Net Operating Loss (NOL), and What Does It Do?

So you’ve had a rough year—revenues down, expenses up, and your tax return shows more losses than profits. Don’t despair. The tax code actually gives you a silver lining in the form of a Net Operating Loss (NOL). What Is a Net Operating Loss? A Net Operating Loss occurs when your allowable business deductions exceed [...]

You Got a Roommate, But You Own the Place? How It Affects Your Taxes

If you own your home and decide to rent out a room or part of it to a roommate, you’ve officially entered the world of “partial home rentals.” While this can be a smart way to offset mortgage or utility costs, it also introduces new tax considerations under IRS Publication 527, Residential Rental Property. Here’s [...]

Converting Your Main Home Into a Rental Property: How the IRS Treats It

Turning your primary residence into a rental can be a smart way to generate income, build wealth, or bridge a move to a new home. But the moment your home becomes a rental, it also becomes a different animal in the eyes of the IRS. Understanding how this conversion affects your taxes can help you [...]

The Deductibility of Residential Rental Property Losses

When you own residential rental property, the goal is typically to generate income. However, it’s not uncommon for landlords—especially in the early years of ownership or during vacancy periods—to experience losses. The question then arises: Can you deduct these rental property losses on your tax return? The answer depends on several IRS rules that distinguish [...]

Understanding Tax Depreciation for Your Rental Property

If you own a rental property, tax depreciation can be one of the most valuable deductions available to you. It allows you to recover the cost of your investment over time — even though your property might be appreciating in the real world. Understanding how it works can mean thousands of dollars in tax savings [...]

The Biggest First-Year Tax Mistakes Independent Contractors Make — Don’t Get Caught in This Trap

Becoming an independent contractor feels liberating — no boss, no time clock, and freedom to work your own way. But that same freedom also comes with one of the biggest financial pitfalls new contractors face: not understanding how their taxes actually work. Many first-year contractors are blindsided by how much they owe, when they owe [...]

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