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selling vs trading your car

I constantly get the question as to whether it is better to trade or sell our vehicles.Generally the rule is simple: If the car would produce a loss when sold ( which means that your basis is more than the fair market value), you should sell the car and deduct the loss to the extent...Read More

Deducting automotive supplies

If you use the actual method of deducting your car expenses ( such as deducting costs for gas, repairs, depreciation, insurance etc.), you may be missing a bunch of automotive deductions. Go through your garage and basement or wherever you store tools and cleaning supplies. Make a list of items that you use on your...Read More

Caretaking of rental property

I get the following question a lot:” How many times a year can I travel to my out-of-town rental property investment and deduct the trip?” The answer is that IRS is very scrooge and grinch like and only normally allows one trip per year to each location that you own rental property. However, if you...Read More