Many active and retired Senior Military Officers and NCOs have IRAs or other retirement accounts. For about the last 20 years there have been rules on taking the funds out. A couple of different pieces of legislation and rules changes have upended just about all those rules.
During 2020 a lot of active and retired Senior Military Officers and NCOs refinanced their mortgages. Depending on how they did the refinance, all the interest they pay on the mortgage might not be deductible.
Being a landlord is a common trait amongst active and retired Senior Military Officers and NCOs. The fear of depreciation recapture keeps many actively managing rental properties for longer than desired. Here is a different way to "get out" of the active rental business and defer taxes on depreciation.
The sale of a primary residence is not taxes. But what qualifies as a primary residence? It is important to know that the rules are different for military members than they are for civilians
Many retired Senior Military Officers and NCO's have the capacity to make large contributions to charity and many do. And while tax considerations are probably not your driving motivation, it is worth looking to see if there is a way to maximize the tax benefit of large contributions.
For civilians that rent there house, move back in and then sell they have a period of time called non-qualified use. Does that apply to military members? Check out this video to see if it does.
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