Rental real estate deductions tricky

Owning commercial or residential rental real estate constitutes a common investment for many Americans. Most rental properties produce net positive cash flow. Even with a net positive cash flow, however, a loss can occur. And in some cases, this loss can’t be deducted in calculating income tax liability. In general, rental activity falls into the […]

Credits partly offset higher costs of higher education

Higher education costs are rising fast. But you could be able to turn part of the expenses you pay for yourself, your spouse or dependents into tax savings. You can do this by claiming the American Opportunity tax credit or Lifetime Learning credit for tuition and related expenses. The maximum American Opportunity tax credit you […]