Rental Property

Renting to a Relative? Watch Out For Tax Traps

January 12th, 2023|Categories: Accountant, Accounting, Burns Firm, CPA, CPA near me, Dallas CPA, Rental Property, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, The Burns Firm|Tags: below fair market rent, cpa near me, Dallas CPA, expenses and rental property, Renting to a Relative, tax on rental property, tax traps when renting to a relative, The Burns Firm|

If you own a home and rent it to a relative, you may be surprised to find out there could be tax consequences. Quick rundown of the rules Renting [...]

Thinking About Converting Your Home Into a Rental Property?

May 5th, 2022|Categories: Accountant, Accounting, can I convert my home to a rental, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, passive activity rule, Rental Property, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Preparation, Tax Withholding, tax write-offs, The Burns Firm, Vacation Home|

In some cases, homeowners decide to move to new residences, but keep their present homes and rent them out. If you’re thinking of doing this, you’re probably aware of the [...]