A cost segregation study can be a great tax planning tool that, documented properly, accelerates depreciation expense and results in reduced tax liability.
The more mundane parts of business – like good record keeping – can get overlooked. But in the long run, it can save you in more ways than one.
Home office deduction for real estate investors – do you qualify, and are you hesitant to claim it due to fear of an IRS audit?
Perhaps the most common reason taxpayers fail to qualify as a real estate professional as far as the IRS is concerned, is inadequate documentation.