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site design by digitalstoryteller.io
When do valuable gifts to charity require an appraisal?
/in News, Tax Tips - Individual/by Encore Partners TeamIf you donate valuable items to charity and you want to deduct them on your tax return, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right to deduct charitable contributions. How can you protect your deduction? First, be aware that in […]
Selling an appreciated vacation home?
/in News, Tax Tips - Individual/by Encore Partners TeamVacation homes in upscale areas may be worth way more than owners paid for them. That’s great, but what about taxes? Here are three scenarios to illustrate the federal income tax issues you face when selling an appreciated vacation home. Scenario 1: You’ve never used the home as your primary residence In this case, the […]
How renting out a vacation property will affect your taxes
/in News, Tax Tips - Individual/by Encore Partners TeamAre you dreaming of buying a vacation beach home, lakefront cottage or ski chalet? Or perhaps you’re fortunate enough to already own a vacation home. In either case, you may wonder about the tax implications of renting it out for part of the year. Count the days The tax treatment depends on how many days […]