Back to Basics

Depreciation is an essential concept for rental property owners, as it allows them to recover the cost of wear and tear on their property or any asset used to generate income over time.

Bad business partners are more prevalent than many people realize, and their negative influence can be profound.

All taxpayers must include distributions (minus the cost (basis) from certain retirement plans or annuities into their gross income. But it gets complicated after that.

Many hobbies are challenging to differentiate from a trade or business. A trade or business can take tax deductions, but hobbies generally cannot.

Depreciation acknowledges the normal wear and tear that occurs from the usage of the building.