taxes

Gerald’s Real Estate Tip of the- Week of 4/14/15

Use IRS Code 1031 to defer paying taxes on real estate capital gains of investment property.

Gerald’s Real Estate Tip of the Week of 12/23/14

If your mortgage lender pays your real estate taxes from an escrow account, make sure the real estate taxes you claim on your return matches the number on Form 1098 your mortgage lender sends you-Form 1098 will report any real estate taxes you paid.

How much in real estate expenses can I write off on my taxes every year? Part 2

Q: How much in real estate expenses can I write off on my taxes every year? Part 2 (The 4 types of real estate investor definitions/classifications that the IRS has) -Pete, Caldwell, NJ A: In our last installment, Pete from Caldwell, NJ asked how much in real estate expenses could he write off every year and I said that he could write off as little as up to $25,000 and as much as however large his real estate loss is depending on his IRS classification—this is because the amount of real estate expenses that Pete can write off every depends in part on how the IRS categorizes him and his real estate activities. What I’m going to give you now […]

How much in real estate expenses can I write off on my taxes every year?

Q: How much in real estate expenses can I write off on my taxes every year? (Part 1) -Pete, Caldwell, NJ A: That’s a good question, Pete. The answer to your question is that you can write off as little as up to $25,000 and as much as however large your real estate loss is depending on your IRS classification. The amount of real estate expenses that you can write off every year on your taxes depends in part on how the IRS categorizes you and your real estate activities. In my next installment I’ll take this question further and reveal the 4 types of real estate investor definitions/classifications that the IRS has. Thanks for your question, Pete. Good luck. […]

Gerald’s Real Estate Tip of the Week 11/13/14

You can defer paying taxes on realized gains on the sale of investment property by utilizing IRS code 1031 (common known as a 1031 like-kind exchange).

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Vaughn | Westfield, New Jersey

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Stephen Brunson | Plainfield, New Jersey

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Mary Elizabeth Robinson | Wilmington, Delaware

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Berkis Castro | Clifton, New Jersey

“Thank you so much for helping me. My property was haunting me for quite sometime. We tried for so long to sell but couldn’t. My family and I never thought we would resolve this problem so easily, but you facilitated the whole process and made it swift and painless. We can’t thank you enough for this.”

Sal Rizzo-Cascio | Jersey City, NJ

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Bridget Hieronymus | Jersey City, New Jersey

“I was not able to pay my mortgage and the Bank started the Foreclosure proceedings against me. I spoke with Performance Property about their process and they gave me hope. They were very diligent and did all the negotiations on my behalf. They were very professional, sincere and hardworking. I would recommend Performance Property’s services to anyone.”

Samuel Manoharan | North Bergen, New Jersey

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Marko Shafik | Bayonne, New Jersey

“If you find yourself in my situation, I highly recommend Performance Property. Always attentive, thoughtful and understanding, Performance Property will keep you informed every step of the way and will not rest until the job is done.”

Sean Daughtry | Jersey City, New Jersey

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Melinda | Bayonne, New Jersey

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Gita Gorji | Hoboken, New Jersey

“Our loan modification was finalized. Got all the documents. Even got legal documents stating that foreclosure proceedings were cancelled. Our rate went from a 4.75 to a 3.4 and our mortgage payment went down almost $200 a month. So all is good. Thank you so much.”

Crystal | Totowa, New Jersey

“Finally the bank called me and said that my loan modification was approved! I thank you so much for your help it really meant a lot to me...I really appreciate you. Thank you Thank you Thank you”

Camille Perry | Newark, New Jersey

“Hey Gerald wanted to give you a heads up that they offered me a loan modification. Thanks for all your help!"

Robert Evans | North Arlington, New Jersey

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Carol Cunningham| West Orange, New Jersey

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Iradys Rivero| North Bergen, New Jersey

“At this point, Gerald, you are the only person I can trust. I appreciate all your efforts to assist me."

Deborah Dowe| Plainfield, New Jersey

“I want to thank you for helping me to get the courage to work on this problem because I didn't want to face it. Your help with the phone call to the mortgage company & other assistance was so appreciated. Thank you so much."

Evelyn Rudnicki | Rochelle Park, New Jersey

“I'm not trying to be a pain in the neck but I would like to thank you for your advice. I think things are going to work out for me. I did exactly what you told me and I think the mortgage company is going to work with me. I appreciate your advice. You are a Godsend. The world needs more people like you. Thank you and God bless you."

Jimmy Armstead | Roselle, New Jersey

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Virgilio Rodriguez | Paterson, New Jersey

“I followed the instructions Gerald from Performance Property gave me and I proved to my lender that I can pay back my mortgage.”

John Nikoe | Linden, New Jersey

“God bless you.”

Ravinder Thota | Jersey City, New Jersey

“My bank gave me a permanent loan modification. Thank you very much!!”

Jim Armstead | Roselle, New Jersey

“You helped me a lot more than the lawyer I hired. I should have gone to you in the first place. You were very kind. Thank you so much.”

Aileen Collucci | Little Falls, New Jersey

“After speaking with you I feel like I can wipe the sweat from my brow.”

Barbara Herbert | Union, New Jersey

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Amoy Frost | South Orange, New Jersey

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