How Many Days Can I Use My Rental Property For Personal Use?
How Many Days Can I Use My Rental Property For Personal Use? Owning a rental property has many advantages including income generation, tax benefits, and accessibility to personal use of rental property. You must be aware that the IRS has set forth guidelines that require you to limit yourself to 14 days you can use the property for personal use.
Creating Passive Income With Real Estate
Creating Passive Income With Real Estate Being a real estate investor goes beyond owning commercial or residential properties directly. There are various traditional and innovative ways to make passive income with real estate. Real estate remains the preferred strategy that investors use to gain long-term returns. It is one of the best ways to create multiple revenue streams, secure your retirement, and achieve financial freedom.
Are Solar Panels Worth It For A Rental Property?
Are Solar Panels Worth It For A Rental Property? Having solar panels provides property owners and tenants some definite benefits, especially if the property is located in a prime location where there is a lot of sun exposure and hot summer months require a lot of energy consumption to keep the home cool.
Why Is It Important To Celebrate Your Wins?
Why is it important to celebrate your wins? Read this post and find out! I started to celebrate my wins in my real estate investment business several years ago and I have never looked back. Real estate investment can be a very rewarding business but it is a tough one to succeed with. In my years of being a real estate investor I have had many tough times and “touch and go” moments where I was literally on the edge.
Why Invest in Vacation Rental Properties?
Why Invest in Vacation Rental Properties? First, let’s review why vacation rental properties are currently such hot investments. The market for vacation rentals is booming at a very fast rate. Plenty of homes are being rented as vacation rentals now more than ever before. Renters come from all over the world seeking vacation rental properties in the United States. This trend continues to grow, which makes it an ideal time for investors to use this strategy to their advantage.
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Transferring a Rental Property to a Child
Transferring a Rental Property to a Child Transferring a rental property to your child has many of the same benefits as gifting. The process is different because it does not involve having a will or a revocable trust. Instead, you will deal with one of many types of property deeds.
Can I Give my Rental Property to my Child?
Can I Give my Rental Property to my Child? In California, you can give your rental property to your child as a gift or through a transfer. Minors under the age of 18 or 21 have restrictions on what they can do with the property. Under California law, for example, a minor child who owns rental property cannot sell, borrow against, lease, or rent the property. For this reason, rental property held by a minor child is typically held in a trust by the trustee of the property.
Transferring a Rental Property to a Child
Transferring a Rental Property to a Child Transferring a rental property to your child has many of the same benefits as gifting. The process is different because it does not involve having a will or a revocable trust. Instead, you will deal with one of many types of property deeds.
Selling Or Gifting A Rental Property To Your Child Or Family
Selling Or Gifting A Rental Property To Your Child Or Family Leaving a legacy is one of the best things you can do for your child and other members of your family. You can leave anything of value for your legacy. If you are a real estate investor, you can leave your child and other family members one or more of your rental properties.
Preparing For Tax Season
Preparing For Tax Season Even if you are working with a tax professional, it is a good idea to become familiar with the forms you will be filling out. Generally, rental properties that generate rental income for greater than 14 days per year use Schedule E to file at the same time you do your income tax filing.