About Coach Janelle CPA
My passion is to help 6 & 7- figure+ earners see their financial possibilities through financial literacy and strategy.
I want to help you save on taxes so you can keep more of your money to live the life you dream of and have worked for NOW, and build wealth and equity for the next generation.
Sign Up To Our Weekly Newsletter
Get the latest tax planning tips content delivered straight to your inbox.
All Your Information is Protected When You Sign Up
Check Out Some Of Our Latest Blog Post
The New 62.5 Cents Mileage Rate
Written by Coach Janelle CPA on August 29, 2022
The IRS noticed that average gas prices across the United States exceeded $5.00 a gallon and took action. Small businesses that qualify to use and do use the standard mileage rate can deduct 62.5 cents per business mile from July 1 through December 31, 2022. That’s up ...
Self-Employment Taxes for Partners and LLC Members
Written by Coach Janelle CPA on August 20, 2022
Does a member of a limited liability company (LLC) or a partner in a partnership have to pay self-employment taxes on the member’s or partner’s share of the entity’s income? Incredibly, the answer is not alw...
Paying Your Child: W2 or 1099?
Written by Coach Janelle CPA on August 8, 2022
Here’s a question I received from one of my clients: “I will hire my 15-year-old daughter to work in my single-member LLC business, and I expect to pay her about $12,000 this year. Do I pay her through payroll checks and file a...
Transferring Your Home to Your Adult Child
Written by Coach Janelle CPA on August 1, 2022
With today’s home prices and the crazy real estate market, it’s likely difficult for your children to buy a home. And it’s conceivable that you are ready to move on from your existing home. If this is true, consider...
Share Us On Social Media
Small Call to Action Headline
Selling Your Appreciated Vacation Home? Consider The Taxes
Written by Coach Janelle CPA on July 27, 2022
The tax-code-defined vacation home rules come into play when you have both rental and personal use of a home. Thus, you can have tax-code-defined vacation homes in the city, in the suburbs, and in recreation areas.
No Combined Rental And Personal Use Of The Home
If you have no combined rental and personal use of the home, the rules are easy. The property is one of the following:
1. Principal residence
2. Second home
3. Rental property
Both Rental & Use Of The Home
But when you have both rental and personal use of the home, your tax life gets more complicated because you have entered the tax code’s vacation home section. In this situation, the property in a more complicated way is one of the following:
1. Principal residence
2. Second home
3. Rental property
If it’s a principal residence, then the $250,000/$500,000 home sale exclusion is available when you sell.
If it’s simply a second home, you can’t use the exclusion and you pay taxes at capital gains rates—and you may suffer the net investment income tax (NIIT) as well.
If it’s a rental, you face the capital gains rules, NIIT, unrecaptured Section 1250 gain taxes, and release of some (if grouped) or all (if not grouped) passive activity suspended losses.
When you have rental use after 2008 and then convert the rental to your principal residence, you must use a rental/residence fraction to determine how you will be taxed.
Selling Your Appreciated Vacation Home? Consider The Taxes
Written by Coach Janelle CPA on July 27, 2022
The tax-code-defined vacation home rules come into play when you have both rental and personal use of a home. Thus, you can have tax-code-defined vacation homes in the city, in the suburbs, and in recreation areas.
No Combined Rental And Personal Use Of The Home
If you have no combined rental and personal use of the home, the rules are easy. The property is one of the following:
1. Principal residence
2. Second home
3. Rental property
Both Rental & Use Of The Home
But when you have both rental and personal use of the home, your tax life gets more complicated because you have entered the tax code’s vacation home section. In this situation, the property in a more complicated way is one of the following:
1. Principal residence
2. Second home
3. Rental property
If it’s a principal residence, then the $250,000/$500,000 home sale exclusion is available when you sell.
If it’s simply a second home, you can’t use the exclusion and you pay taxes at capital gains rates—and you may suffer the net investment income tax (NIIT) as well.
If it’s a rental, you face the capital gains rules, NIIT, unrecaptured Section 1250 gain taxes, and release of some (if grouped) or all (if not grouped) passive activity suspended losses.
When you have rental use after 2008 and then convert the rental to your principal residence, you must use a rental/residence fraction to determine how you will be taxed.
About Coach Janelle CPA
My passion is to help 6 & 7- figure+ earners see their financial possibilities through financial literacy and strategy.
I want to help you save on taxes so you can keep more of your money to live the life you dream of and have worked for NOW, and build wealth and equity for the next generation.
Sign Up To Our Weekly Newsletter
Get the latest tax planning tips content delivered straight to your inbox.
All Your Information is Protected When You Sign Up
Check Out Some Of Our Latest Blog Post
The New 62.5 Cents Mileage Rate
Written by Coach Janelle CPA on August 29, 2022
The IRS noticed that average gas prices across the United States exceeded $5.00 a gallon and took action. Small businesses that qualify to use and do use the standard mileage rate can deduct 62.5 cents per business mile from July 1 through December 31, 2022. That’s up ...
Self-Employment Taxes for Partners and LLC Members
Written by Coach Janelle CPA on August 20, 2022
Does a member of a limited liability company (LLC) or a partner in a partnership have to pay self-employment taxes on the member’s or partner’s share of the entity’s income? Incredibly, the answer is not alw...
Paying Your Child: W2 or 1099?
Written by Coach Janelle CPA on August 8, 2022
Here’s a question I received from one of my clients: “I will hire my 15-year-old daughter to work in my single-member LLC business, and I expect to pay her about $12,000 this year. Do I pay her through payroll checks and file a...
Transferring Your Home to Your Adult Child
Written by Coach Janelle CPA on August 1, 2022
With today’s home prices and the crazy real estate market, it’s likely difficult for your children to buy a home. And it’s conceivable that you are ready to move on from your existing home. If this is true, consider...
Share Us On Social Media
Small Call to Action Headline
@coachjanellecpa
Follow me. Let's be friends!
@coachjanellecpa
Follow me. Let's be friends!
© 2021 Coach Janelle CPA. All Rights Reserved.
Sign up for our weekly newsletter
Get the latest tax planning tips content delivered straight to your inbox.