When you file your taxes, you may be able to claim a tax deduction. A tax deduction allows you to save money on your taxes. Current tax deductions include mortgage interest paid and student loan interest paid. Including tax deductions on your tax return may lower your tax bill. Consult a tax preparer, accountant or enrolled agent to know for sure.
Babies bring us happiness—and tax benefits. I have a number of tax tips that will help you figure out the tax benefit you’re entitled to with a new baby. It’s just a little added bonus to your bundle of joy. Tax Tips: What are some tax benefits for parents? The dependency exemption is worth $3,700 [...]
No more school, no more books, no more teacher’s dirty looks! Remember when you looked forward eagerly to summer? When you were finally released in June, you flew out those schoolhouse doors and didn’t look back! You didn’t realize how much your parents dreaded those months, with you at loose ends while they had to [...]
Investing the profits from one real estate property into another purchase requires the use of a 1031 exchange. A 1031 exchange allows you to defer any capital gains tax owed on profits you earned from selling the first real estate property when you invest the profits into another real estate purchase. There are very specific rules, but if you follow them correctly, the 1031 exchange allows you to defer taxes from the profits from the first piece of real estate as long you own your new real estate.
Today on the Ilyce Glink Show, Ilyce talked about major stock indices and how much they've fallen this year. The Dow Jones Industrial Average fell 35 percent since last year; the S&P 500 is down 40 percent year to date; NASDAQ has fallen 41 percent; and the Russell 2000, an index of small companies, fell 37 percent year to date. The number of jobs lost from September to November was 1.25 million. Ilyce took a call from Brian who said he's having trouble selling his home and he attributes this to his real estate agent. For show notes and updates through the week, check out her blog at www.thinkglink.com/blog . Sign up for Ilyce's free weekly newsletter on the ThinkGlink.com home page. Check out the videos at www.expertrealestatetips.net. Subscribe to her YouTube channel: www.youtube.com/expertrealestatetips and friend her to be notified about new videos.
Today on Money Matters, Ilyce spoke with Sheldon Donner and Kathie Gottlieb, of Donner, Weiser and Associates PC, to provide tax guidance on what to do before the end of the year. You can reach them through their email address: [email protected]. You can also go online to www.MikeKavanaghFoundation.com , which is a new foundation set up in Mike's name. Currently, they're making donations to FODAC, Feed The Hungry and Clark's Christmas Kids.
If you become a mortgage lender to a home buyer can you take a tax deduction? Generally no. Mortgage related tax deductions may be taken by home owners or home buyers, not home sellers or mortgage lenders. Try consulting an IRS publication or a tax advisor to find out more about mortgage lenders and tax deductions.
A mother-in-law passed away and her son and his wife took over the mortgage payments including mortgage interest. Can they deduct mortgage interest on their taxes even though their names are not on the mortgage? Yes, because they will use the property as a primary residence. Consult the IRS web site for more information on mortgage interest tax deductions.