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taxes: California Realtors®: purchase a tax / financial evaluation for your clients - 02/16/10 06:21 PM
Hire me to do a Financial / Tax Evaluation for your buyer clients
This evaluation looks first at the client's current situation and then develops several purchase scenarios at various different price levels. It looks at income, itemized deductions, tax savings, housing costs and take-home pay. After the evaluation the client will have an excellent idea of how much to spend on a home and how this will change their taxes and take-home pay. The client will receive a print-out of all calculations to take home.
This is very different from a prequalification done by a Mortgage Broker, and looks at the client's … (0 comments)
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taxes: Is it worth taking the Home Office Deduction? - 05/17/07 08:32 AM
Many taxpayers nowadays have home offices and often work from home. While it is relatively easy for self-employed individuals to qualify for the home office deduction, employees often have difficulties qualifying for it.In order to qualify for the deduction and lower your tax liability, taxpayers must use part of their home (owned or rented):- exclusively and regularly as the principal place of business- exclusively and regularly as a place to meet or deal with patients, clients or customers in the normal course of the trade or businessIf the taxpayer is an employee, the home office must also be for the convenience … (1 comments)
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taxes: The Ins and Outs of Rental Properties - from a tax standpoint - 05/15/07 03:55 PM
Imagine you are suddenly offered a job in another city, but don't want to sell your house or condo just yet. Should you rent it out for a while? The answer to this question depends not only on your feelings about becoming a landlord, but also on financial and tax considerations.
First of all, rental income is taxable on Schedule E of your individual tax return. Luckily, there are many deductions you can legitimately take:
Mortgage interestProperty taxesCondo/Homeowner's feesInsuranceUtilities (if you pay them instead of your tenant)Repairs (but not improvements to the property)Management fees (if you use an agent to rent out … (1 comments)
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taxes: Check your Withholding Taxes before Buying a Home - 05/15/07 11:38 AM
Many people assume that as soon as they buy a house their taxes will decrease dramatically. This is not necessarily the case. What are the components that will reduce your taxes, ie. what can you itemize?1. Mortgage interest on a loan of up to $1m and a home equity loan of up to $100k2. Property taxes3. State taxesNeither condo fees, homeowner's insurance, nor repairs or maintenance are deductible. Of course there are other deductions, but we'll just concentrate on the big ones here."I pay a huge amount in mortgage interest, property taxes and state taxes. So why do I still not … (4 comments)
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Bettina Clairmont CPA
San Francisco,
CA
More about me…
Bettina Clairmont
Office Phone: (415) 939-4601
Cell Phone: (415) 939-4601
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