Tax advantages

1 reply [Last post]
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Joined:
06/17/2018

Any tax write off or tips from any new laws from president? Or old laws that is good to look into.

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notAgrandma's picture
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Joined:
07/07/2017

The new tax laws will limit the amount of interest payments you can deduct up to $750,000 if you've financed your B&B with a mortgage. If you have a business loan, this limit does not apply.

Anyone who itemizes can deduct their property taxes, but filers must choose between deducting their state & local property, income taxes, or deducting their sales taxes. Again, I believe this only applies to B&Bs owned as homes, not businesses. 

 

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