1. Winter is upon us so flush your water heaters. This is a cheap and easy procedure that only costs about $30. Flushing water heaters helps to control the buildup of mineral deposits, resulting in a more efficient heater. 2. At the end of the year, two ways for real estate professionals to reduce their tax burden is to pay more business-related expenses before the end of the year and defer income until early next year. For example, you can send invoices late in December so collections won’t occur until January of 2019 which will likely reduce your tax burden by reducing your taxable income for 2018. 3. Take advantage of reduced competition and real estate activity during the holidays […]
continue reading Q: My buyer had some complications with his mortgage so it has taken longer than expected to close on a property I’m selling. Should I just wait until January to close for tax reasons? Nicole, Bridgeport, Ct. A: Hi Nicole, that’s a good question. I don’t know whether you are selling your personal residence or another property that you own–if you’re selling your personal residence, you’re eligible for a $250,000 exclusion on the gain when you sell as an individual or a $500,000 exclusion on the gain when you sell if you’re married and file your taxes jointly with your spouse. In answering your question, I’ll assume you are selling an investment property not your personal residence. If you close […]
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