Tax Rules For Renting to a Relative

It seems like a great idea. A financially stable person wants to help out a struggling family member by offering to rent their property at a bargain rate. Generous, yes. But if you are unaware of the tax consequences, you could find yourself being taxed on the rental income yet having any rental expenses disallowed.

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Today you can find me at Forbes sharing the rules you need to be aware of before renting a home to a relative.

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Three Options for Excess 529 Plan Funds

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The #1 question I hear from parents wondering about opening a 529 Plan to save for their child’s education is: what happens to unused money in the plan.

Don’t worry. A 529 Plan is not a use-it-or-lose-it account. There are several ways you can use those funds. Some with greater tax benefits than others.

Today you can find me at Forbes sharing three options for excess cash in a 529 Plan.

Image: Stocksnap.io / Caio Resende

Hobby or Business?

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The IRS’s Hobby Loss Rules puzzle many people, especially those rocking the side gig. A general rule of thumb is that if your business is profitable for two out of the last five years, it’s a business. But that isn’t the whole story.

Today you can find me on the FreshBooks blog, sharing tips for keeping your side hustle out of the dreaded Hobby Loss zone.

Image: StockSnap.io/Lia Leslie