The TaxMan's Blog

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Services for Real Estate Pros - Self Employed
I am a real estate investor. I've found that owning rental property provides some of the best tax-saving opportunities available, but resources for smaller investors are often limited. It can be difficult at times to find the right answers, so I look forward to hearing your thoughts and exchanging ideas with all of you.
RECENT BLOG POSTS
I just bought a new SUV, and I'm quite happy with my purchase. I got a 2008 GMC Yukon Hybrid, and for a better price that I expected (compared to a Yukon Denali, which is what I went to go buy). Getting the dealer to lower the price is another story.  The good news is that this truck can do almos...
09/14/2007
January marks a three-year countdown before the IRS comes down on lowered capital gains rates that are now in place. That's bad news for us investors. The Jobs and Growth Tax Relief Reconciliation Act of 2003 allowed for gain on a sale to be subject to a maximum tax rate of 15 percent (5 percent ...
08/24/2007
I'm posting this to a couple groups, because I couldn't just find one for baseball fans.... I'm a pretty big fan myself, and I only have good things to say about Barry Bonds. I'm quite happy that he broke the home run record. Funny thing is, the first thought that entered my head when I saw the k...
08/10/2007
Many of you may have noticed that I use a Yahoo Avatar as my picture for ActiveRain.I'm sorry to disappoint you, but I don't really look like that.In fact, my real name isn't Scott Thompson.Actually, I'm a pretty successful investor from the San Francisco Bay Area. Many of you on ActiveRain would...
08/06/2007
With the number of members on ActiveRain growing exponentially, I am finding it harder these days to get through as many posts as I'd like.There's a lot of user traffic here, that's great! 10 blogs have been posted in the last minute, that's wonderful. It goes to show that people are participatin...
08/03/2007
Hello everyone, my name is Scott Thompson, I am the new founder of the Real Estate and Taxes group.Me and all the cool kids are bringing the group back to life. This group is for you if the answer to any of these questions is yes:1. Do you own property? 2. Do you pay taxes? 3. Do you want to put ...
08/01/2007
This is a strategy I began using a long time ago. It makes sense and it works for me, perhaps it can help others out there. Before I explain the steps, there are some basic assumptions that you need to ensure in order for this process to work for you.Assumptions:You should always be able to find ...
07/23/2007
By maximizing depreciation deductions, you can minimize taxable liability and save money on taxes. Since you cannot immediately write-off the purchase cost of investment property, you must deduct the acquisition cost over the life of the property using depreciation. Most rental owners are able t...
07/16/2007
2 Comments
Just thought I'd share. Wondering how much real estate is going to cost out there? According to Wikipedia, the Islands themselves will go from $15-$45 million. I hear Vijay Singh is wants to buy Greenland... Big Dreams? Plan Ahead. Do a 1031 Exchange.You'll need every penny you can save. 
07/12/2007
5 Comments
There’s a loophole for vehicles like Hummers, and it’s huge. You can qualify for a $25,000 write-off if you purchased a vehicle weighing over 6,000 pounds and used it in your business. If your vehicle is a pickup with a bed length of over 6 feet, the limit is even higher, and you may be able to ...
07/12/2007
Rainer
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