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mortgage tax: Florida Hurricane Victims Get an Additional Year to Sell Vacant Land - 08/01/07 11:51 AM
The Internal Revenue Service is adding an additional year to the time limit within which victims of Hurricanes Katrina, Rita and Wilma have to sell vacant land that they had owned and used as part of their principal residence that was destroyed as a result of the hurricanes.
Federal tax rules state that individuals have two years within which to sell the vacant land to be able to take advantage of the exclusion on gain from the sale of a principal residence.
Given that the two-year anniversary is approaching for victims of the 2005 hurricanes, the IRS has decided to provide additional time … (2 comments)
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mortgage tax: The Tax Issue Nobody Seems to Talk About (Part II) - 07/13/07 08:47 PM
If you did not read Part I, please go back and read it for a breakdown on the issue. This post will highlight your options and possible solutions to the tax issue.
I know, many of you are going to think I am going to head off on the Missed Fortune concept. Actually, I am going to leave that route out in this post as I want to focus on strategies that do not get highlighted. Don't get me wrong, the Missed Fortune strategy is a good one.
Now, I am going to make a suggestion that most of you will think I … (7 comments)
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mortgage tax: Mortgage Interest Tax Deductability - Revisited - 10/30/06 08:23 AM
Many of you have read my post on the deductibility of mortgage (Mortgage Interest Tax Deductability - What Are The Limitations?). Here is what you may not know that I didn't cover and why you may want to start reviewing what changes you may need to make.
First off, the IRS has not been chasing people regarding the limitations on deductibility of mortgage interest, but if you remember, I warned you about common practice, even amoung CPAs and tax advisors saying all mortgage interest (up to the first $1M dollars plus $100,000 home equity anyways) was tax deductible. This is incorrect as … (6 comments)
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mortgage tax: Mortgage Interest Tax Deductability - What Are The Limitations? - 10/13/06 03:43 PM
Ok, I know I am not a tax advisor per se, but this is one area that I know a lot about since it is a huge part of my profession. I am willing to bet though, that none of you (well there might be a few) have thought about this topic and that they may be taking too much of a deduction.
Let me explain...
Mortgage interest is deductible in two main ways, but primarily limited to your priamry residence and qualifying second home. One is acquisition indebtedness and the other is home equity indebtedness. Failure to understand these definitions may have … (14 comments)
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Robert D. Ashby
Miramar,
FL
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