taxes: Housing and the Senate Tax Plan: What Now?
- 12/07/17 09:53 AM
Members of the real estate industry are responding to the passage of the Senate tax plan, which chiefly includes a 20 percent corporate tax rate—down from 35 percent—and reduced rates for families and individuals over the next seven years. The development follows the House passage of its own plan in November. Both bills challenge homeownership, industry members say. The bills extend the capital gains exclusion eligibility requirement that home sellers reside in the home from two of the last five years to five of the last eight. (The House plan, however, includes an income phaseout provision.) Both also raise the standard deduction, which has the (0 comments)
taxes: YOUR TAX RETURN: BRING IT HOME
- 04/27/17 10:16 AM
This time of year, many people eagerly check their mailboxes looking for their tax return check from the IRS. But, what do most people plan to do with the money? GO Banking Rates recently surveyed Americans and asked the question - “What do you plan on doing with your tax refund?” The results of the survey were interesting. Here is what they plan to do with their money: 41% - Put it into savings 38% - Pay off debt 11% - Go on a vacation 5% - Make a major purchase (car, home, etc.) 5% - Splurge on a purchase Upon seeing the research, The National Association of (0 comments)
taxes: Tax Return Depressing? Owning a Home Could Help
- 04/20/17 10:03 AM
Many Americans got some depressing news last week; either their tax return was not as large as they had hoped or, in some cases, they were told they owed additional money to either the Federal or State government or both. One way to save on taxes is to own your own home. According to the Tax Policy Center’s Briefing Book -“A citizen's guide to the fascinating (though often complex) elements of the federal Tax System” - there are several tax advantages to homeownership. Here are four items, and a quote on each, from the Briefing Book: 1. Mortgage Interest Deduction“Homeowners who itemize deductions may reduce their taxable income by (0 comments)