taxes: Tax Deductions For Homeowners
- 03/05/21 09:49 AM
There’s no getting around it, homeownership can be expensive. Plus, with the historic rise in home prices, it has gotten even harder to become a homeowner. One thing to remember though is that owning a home also comes with some tax deductions that can be very helpful. Just in time for tax season, here are some tax deductions you can only tap into if you own a home. 1. Mortgage Interest Deduction For most people, the biggest tax break of homeownership comes from deducting mortgage interest. As a homeowner, you can deduct interest on up to $750,000 of debt on your home if you file … (0 comments)
taxes: Using Prop 60 and 90 to Transfer Your Property Tax Base
- 02/09/18 04:28 PM
Proposition 60 and Proposition 90 were approved by California voters to help senior citizens downsize and retain lower property taxes. The laws allow homeowners who are at least 55 years old to transfer their trended base value to a new property as long as the transaction meets certain criteria. This may result in substantial tax savings for those who qualify. In 1986, California voters approved Prop 60, which allows tax base transfers within the same county. Prop 90 opened this same benefit to homeowners who want to move to a different county, provided that new jurisdiction is a participating county. The participating counties … (0 comments)
taxes: 1031 Exchanges Explained
- 02/07/18 01:06 PM
1031 Tax exchanges represent a great opportunity for investors who want to increase their income potential without increasing their out-of-pocket taxes. A 1031 exchange, also known as a like-kind or Starker exchange, is a process that allows a property owner to sell one or more properties and transfer that equity to one or more replacement property while deferring any capital gains taxes on the profit. The sale and purchase must be properly structured and there are very specific requirements that must be followed for the sale transaction to qualify for tax deferrment under Section 1031 of the Internal Revenue Code. Property used primarily … (2 comments)
There’s no getting around it, homeownership can be expensive. Plus, with the historic rise in home prices, it has gotten even harder to become a homeowner. One thing to remember though is that owning a home also comes with some tax deductions that can be very helpful. Just in time for tax season, here are some tax deductions you can only tap into if you own a home.
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