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Using the Home Sale Gain Exclusion for More than Just Your Home
Home Ownership 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…
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Increased Tax Credits for Home Builders
Home Ownership, Tax CreditsArticle Highlights:
Contractor Developer Credit
Retroactive Extension to 2022
Increased Credit 2023 through 2032
Prevailing Wage Requirements
Qualifications
Qualifying Residential Projects
Non-Refundable Credit
Basis…
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Sold or Thinking of Selling Your Home?
Home OwnershipArticle 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…
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Tax Issues That Arise When Converting a Home into a Rental
Home Ownership, Rental PropertyArticle 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…
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Contemplating Refinancing Your Home Mortgage? Things You Should Consider
Home Ownership, MortgageArticle 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…
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Did You Pay Tax on Home Mortgage Debt Relief in 2018? You May Be Entitled to a Refund
Home OwnershipOn 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…
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Deducting the Costs of Modifications for Senior-Proofing a Home
Deductions, Home OwnershipWhile Americans may argue about any number of hot-button political topics, there’s no disagreement on one issue: the country’s population is aging…fast. According to the Social Security Administration, 10,000 baby boomers a day are reaching…
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Tax Issues That Arise When Converting a Home into a Rental
Home OwnershipThere are many reasons to convert a home into a rental, such as to ensure that a prior home produces income and appreciation after the owner buys a new home; to maximize the tax benefits for an elderly person who can no longer live alone by…
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What Are the Tax Advantages of Homeownership?
Home Ownership, TaxesHousing is a big expense for everyone. The choice generally involves either renting or purchasing – and financing that purchase with a home loan. This article explores the tax benefits and drawbacks that individuals should consider when deciding…