January 4, 2022

Are you eligible for a medical expense tax deduction?

2020 Tax Return, AGI (Adjustable Gross Income), Deductions, Health Care Insurance, Insurance, Itemized Deduction, Medical Deductions / Douglas Freeman

You may pay out a bundle in out-of-pocket medical costs each year. But can you deduct them on your tax return? It’s possible but not easy. Medical expenses can be claimed as a deduction only to the extent your unreimbursed costs exceed 7.5% of your adjusted gross income. Plus, medical expenses are deductible only if […]

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Defer tax with a like-kind exchange

Boot, Deferred Tax, Equipment, Investment, Real Estate, Section 1031 Exchange, Tax Cuts and Job Acts (TCJA) / Douglas Freeman

Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange where you exchange the property rather than sell it. With real estate prices up in some markets (and higher resulting tax bills), the like-kind

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