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Tag: property

bitcoin not cash

Bitcoin-It Isn’t Cash

  Bitcoin is a new, virtual currency created in 2009. Transactions are made without banks, without fees, and without giving your real name. Exchange Bitcoins via mobile apps or computers, similar to sending cash digitally (like PayPal). Some big companies, such as Dell, Expedia,...  Read More

Tax Breaks for Vacation Homes

It’s almost summer and if you are thinking about buying a vacation home you might be wondering what the tax ramifications are. Some expenses, including mortgage interest and real estate taxes, are generally deductible on Schedule A the same way they are for primary homes. You will nee...  Read More

What Is Passive Activity Income?

Passive Activities Code Section 469 defines passive activities as “any activity which involves the conduct of any trade or business, and in which the taxpayer does not materially participate.” This section was enacted in 1986 in an effort to reduce the prevalence of tax sh...  Read More