Month: April 2017

Real estate professionals: Avoid passive activity losses

The rules that define real estate activities for tax purposes can be confusing. Is the real estate business you conduct considered passive activity or could you be defined as a real estate professional? Generally, your deductions for investments in passive…

Get an extra exemption for a parent

Do you help support an elderly relative like your mom or dad? If you meet the two-part test for qualifying relatives, you may claim an “extra” dependency exemption for a loved one, on top of exemptions claimed for your children…

Surprising benefits of the dependent care credit

The dependent care credit may be changed by Congress in the coming years, but you can still take advantage of it now. It offers some surprising benefits that may apply to your situation. Under current law, the credit may be…