Keeping It in the Family: Tax Risks and Benefits of Home Title Transfers

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Article Highlights Gift or Life Estate Parent Continues to Reside in the Home Key Features Tax and Legal Considerations Parent No Longer Resides in the Home Adding Child’s Name to the Title Comparison to a Formal…

Medically Related Home Improvements May Have Tax Benefits

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Article Highlights Aging Population Home Improvements for Medical Care or Treatment Improvements that Increase the Home’s Value Improvements that Do Not Increase the Home’s Value Medical AGI Limitations Hot Tub Deduction…

Navigating the Aftermath: Understanding Disaster Loss Tax Provisions for Homeowners Affected by Disasters

Article Highlights: Understanding Qualified Disaster Losses Claiming a Qualified Disaster Loss Election to Claim Loss on Prior Year Amended Return Net Operating Loss Deduction Insurance Coverage and Reimbursement Taxation…

Making Home Improvements? You May Qualify for a Substantial Tax Credit

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Article Highlights Credit Percentage Specific Qualified Items and Per Item Annual Limits Components Subject To $1,200 Aggregate Credit Limit Components Subject To $2,000 Aggregate Credit Limit Annual Credit Limits, $1,200 vs.…

Using the Home Sale Gain Exclusion for More than Just Your Home

 Article Summary:  Home Sale Exclusion Primary Residence Second Home Fixer-upper Rental With careful planning, and provided you follow the rules, the tax code allows you to use the home sale gain exclusion every two years. Let’s…

Increased Tax Credits for Home Builders

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Article Highlights: Contractor Developer Credit Retroactive Extension to 2022 Increased Credit 2023 through 2032 Prevailing Wage Requirements Qualifications Qualifying Residential Projects Non-Refundable Credit Basis…

Sold or Thinking of Selling Your Home?

Article Highlights: Home Sale Exclusion 2 out of 5 Rule Business Use of the Home Gain or Loss from a Sale Previous Use as a Rental Form 1099-S IRS Matching Records If you sold your home this year or are thinking about…

Tax Issues That Arise When Converting a Home into a Rental

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Article Highlights: Reason for Conversion Basis Depreciation Cash Flow versus Tax Profit or Loss Passive Losses Home Gain Exclusion Other Tax Issues Becoming a Landlord With the current substantial appreciation…

Contemplating Refinancing Your Home Mortgage? Things You Should Consider

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Article Highlights: Is It Appropriate to Refinance Your Home Loan? Refinance Costs Interest Rates Credit Score Borrowing Additional Cash Loan Term Itemizing Deductions With home mortgage rates at historic lows, it may…
Did You Pay Tax on Home Mortgage Debt Relief in 2018? You May Be Entitled to a Refund

Did You Pay Tax on Home Mortgage Debt Relief in 2018? You May Be Entitled to a Refund

On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including retroactively extending certain tax provisions that expired after 2017 or were about to expire, a number…