capital gains: Reason 10 - Why You Should Own a Home
- 07/13/14 12:28 AM
Don't forget the tax benefits that homeowners are granted. As a renter, your landlord is reaping these benefits. · Mortgage deduction: The tax code allows homeowners to deduct the mortgage interest from their tax obligations. Some closing cost deductions: The first year you buy your home, you are able to claim the points (also called origination fees) on your loan, no matter whether they are paid by you or the seller. · Property tax is deductible: Real estate property taxes paid on your primary residence and a vacation home are fully deductible for income tax purposes. · Tax Deductions on … (2 comments)
As you calculate your tax returns, consider each home tax deduction and credit you are — and are not — entitled to. Running afoul of any of these 10 home-related tax mistakes — which tax pros say are especially common — can cost you money or draw the IRS to your doorstep.
Sin #1: Deducting the wrong year for property taxes You take a tax deduction for property taxes in the year you (or … (4 comments)
capital gains: IRS's top 10 tax tips for home sellers
- 08/18/11 01:38 AM
From time to time the IRS releases tips designed to help people with their taxes. Some of these are quite useful. Last week the agency released "Ten Tax Tips for Individuals Selling Their Home," (IRS Summertime Tax Tip 2011-15). As a real estate agent or broker, it is not your job to give home sellers tax advice. Indeed, it is advisable not to, since you could end up getting sued if you give wrong advice. Instead, refer sellers to this list of IRS tips. It's a good starting place for them to begin to understand this often complex area of tax … (2 comments)
capital gains: 10 Facts About Capital Gains and Losses
- 02/21/10 08:02 AM
Have you heard of capital gains and losses? If not, you may want to read up on them because they might have an impact on your tax return. The IRS wants you to know these ten facts about gains and losses and how they could affect your tax situation. Almost everything you own and use for personal purposes, pleasure or investment is a capital asset. When you sell a capital asset, the difference between the amount you sell it for and your basis - which is usually what you paid for it - is a capital gain or a capital loss. … (0 comments)
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