Beyond the Numbers

The Pros and Cons of Renting Versus Buying

For many folks, the lyrics of a 1960s rock song summarize the American dream: “Our house is a very, very, very fine house.” According to U.S. Census figures, about two-thirds of American families are homeowners. But buying a house or condo may not be the best choice for every family in every situation. Renting offers the following…

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5 Summer Tax Savings Opportunities

Ah, summer. The weather is warm, kids are out of school, and it’s time to think about tax saving opportunities! Here are five ways you can enjoy your normal summertime activities and save on taxes: Rent out your property tax-free. If you have a cabin, condo, or similar property, consider renting it out for two weeks….

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Common rental income mistakes

If you own rental property there are a number of mistakes you should avoid. Here are some major ones: Forgetting the 14-day rule. As long as you rent out your property for a period of 14 days or less per year, you do not have to report rental income or otherwise treat rental activities as…

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