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 …

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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 …

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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 …

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Tax tips that you should know when getting a divorce

A friend is getting divorced and asked me about important tax considerations that he should know. I thought I would share these with you, my friends: ‎1. Should you wait till next year or get divorced this year?  Once divorced, you are both considered single for the whole year regardless of what the divorce took …

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Important phone numbers to call in case of stolen wallet or identity theft

if your credit cards get stolen: IMMEDIATELY Call the 3 national credit reporting organizations to place a fraud alert on your name and also call the Social Security fraud line number. I had never heard of doing that until advised by a bank that called to tell me an application for credit was made over …

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Legal tip 6: Keep phone numbers of card issues handy so you know who to call

Legal tip 6: We have been told we should cancel our credit cards immediately. But the key is having the toll free numbers and your card numbers handy so you know whom to call. Keep those where you can find them. Also, file a police report immediately in the jurisdiction where your credit cards, etc., …

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