Kelly Green-Krist's (kgreenkrist) Blog

For 2024, you can elect the de minimis safe harbor to expense assets costing $2,500 or less ($5,000 with audited financial statements or similar).The term “safe harbor” means that the IRS will accept your expensing of the qualified assets if you properly abided by the safe harbor rules.Here are t...

I have great news! You can have in your real estate portfolio both investor and dealer properties. This distinction is significant for tax purposes.Here’s a snapshot of the potential tax differences:Suppose you profit $90,000 from a property sale: As a dealer, your tax could be up to $46,017. As ...

I am bringing to your attention some recent developments regarding the “hobby loss rule.” Given that you have diverse sources of income, some of which might be considered hobbies, I believe this information could be of great importance to you.What Is the Hobby Loss Rule?The hobby loss rule might ...