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  2. 11 Tax Deductions You Can Take If You Have Rental Income - AOL

    www.aol.com/11-tax-deductions-rental-income...

    Here’s a list of common tax deductions if you have rental income: Mortgage interest. Property tax. Operating expenses. Depreciation. Repairs, including materials and supplies. Interest. Taxes ...

  3. Internal Revenue Code section 1031 - Wikipedia

    en.wikipedia.org/wiki/Internal_Revenue_Code...

    For real property exchanges under Section 1031, any property that is considered "real property" under the law of the state where the property is located will be considered "like-kind" so long as both the old and the new property are held by the owner for investment, or for active use in a trade or business, or for the production of income.

  4. Are Property Taxes Deductible? - AOL

    www.aol.com/finance/property-taxes-deductible...

    The 2017 Tax Cuts and Jobs Act limits the deduction for state and local taxes, including property, income and sales taxes, to $10,000 per year. If you need to deduct more than $10,000 on your tax ...

  5. Top Tax Deductions and Tax Credits You Should Know for 2023 - AOL

    www.aol.com/finance/10-tax-deductions-know-2023...

    If you pay state and local income taxes or state and local sales taxes — including real estate and property taxes — you may be able to deduct up to a combined total of $10,000, or $5,000 if ...

  6. Cost basis - Wikipedia

    en.wikipedia.org/wiki/Cost_basis

    Internal Revenue Service (IRS) Publication 551 contains the IRS's definition of basis: "Basis is the amount of your investment in property for tax purposes. Use the basis of property to figure depreciation, amortization, depletion, and casualty losses. Also, use it to figure gain or loss on the sale or other disposition of property."

  7. Adjusted gross income - Wikipedia

    en.wikipedia.org/wiki/Adjusted_gross_income

    Adjusted gross income is gross income less deductions from a business or rental activity and 21 other specific items. Several deductions (e.g. medical expenses and miscellaneous itemized deductions) are limited based on a percentage of AGI. Certain phase outs, including those of lower tax rates and itemized deductions, are based on levels of AGI.

  8. What Is Excise Tax? Who Pays It? - AOL

    www.aol.com/excise-tax-pays-174932425.html

    Authorized sports betting has an excise tax of 0.25% of the amount wagered, while unauthorized betting has a 2% excise tax. Cigarettes have a federal excise tax of $0.50 to $6, depending on where ...

  9. Itemized deduction - Wikipedia

    en.wikipedia.org/wiki/Itemized_deduction

    Either state income tax or state and local general sales taxes paid during the tax year, but not both. Property taxes, including vehicle registration fee, if assessed by reference to the value of the property. This amount is in addition to the previous choice of either income or sales tax. but not including: Use taxes; Excise taxes; Fines or ...