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Tag: adjusted gross income

September 26, 2022

Taking a Page Out of History and Collecting a Valuable Tax Break

Have you always wanted to buy rental property and become a landlord? As you can imagine, putting up with some tenants can be a pain in the neck. But the discomfort can be eased by the valuable tax breaks available to rental property owners. In fact, favorable tax laws are one big reason why so many fortunes have been made in real estate. Another big reason is that leveraging real estate investments with mortgages can multiply profits. But for purposes… Read more ›

April 29, 2022

Tax Quiz about Charitable Gift Deductions

Q. If you itemize deductions on your tax return, which one of the following can you claim a charitable deduction for? a. The value of blood donated to a blood bank b. Money given to the Boy Scouts or Girl Scouts c. The value of your time or services volunteering at a charity d. Money you must pay to a homeowners’ association The answer is b Generally, you can only deduct contributions of money or property you make to a… Read more ›