Dennis C. Carroll, Esq.Sep 21, 20232 minGeneral Tax PlanningHow does depreciation work? Instead of being able to take a current-year, full deduction for a business or income-producing purchase, some purchases require...
Dennis C. Carroll, Esq.Jul 20, 20231 minGeneral Tax PlanningWhat taxes do I owe when I wholesale real estate?When you wholesale real estate you have contracted with a real estate owner to buy their property at a price, but this contract allows...
Dennis C. Carroll, Esq.Jul 11, 20231 minGeneral Tax PlanningHow much tax will I owe when I flip a house?Your tax will depend on several factors that determine if you are in the flipping business (as a dealer) or the investment business. ...
Dennis C. Carroll, Esq.Sep 20, 20221 minGeneral Tax PlanningDo I owe income tax when I sell my house?Maybe; if you bought it for almost nothing and it's value has increased a lot. If married, then you can exclude $500,000 of gains for the...