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.
Selling Commercial Real Estate And Tax Deduction
When you want to sell commercial real estate to a non-profit such as a church, the group may not be able to pay you full property value. What can the non-profit do to make the commercial real estate sale worth it for the seller? The group may be able to offer the seller a tax deduction in exchange for a cash contribution in addition to the property. It's important to involve an attorney in the transaction.
1031 Tax-Free Exchange May Help Delay Capital Gains
When you rent out rooms in your home, you're not only living in your primary residence but you're also conducting business. When you're renting out rooms and later decide to sell what taxes do you have to pay? You may owe taxes on the depreciation you claimed and capital gains tax on the investment portion of the property.
Loss On Property Sale Not Deductible
A profit on selling your home is calculated by the sales price minus the costs and improvements. So what if costs and improvements cost more than the sales price? Unfortunately, the difference cannot be considered a loss for income tax purposes.
Filing Taxes On Your Own
Tax time again! Whether you are using a paid tax preparer or filing solo, you'll need to stay on top of the tax laws. Using software and filing online helps keep track of the myriad of changes to the tax laws each year. If you don't know what deductions you can take, the IRS's website offers hundreds of publications that explain the deductions available for each profession.
Real Estate Books Help With Taxes And Building
When you're investing in real estate, it helps to be knowledgeable about the taxes you'll pay when your buying and selling real estate. Reading these two real estate books, Every Landlord's Tax Deduction Guide and The House That Jill Built: A Woman's Guide to Home Building, can help you learn about taxes and building a dream home.
Renting A Home Better For Short Term
When relocating to a new city, should you buy or rent? It depends on how long you will live in your new city. If you're relocating for only a short time, it's better to rent a home. Buying may make sense if you buy a fixer upper and repair it to increase its value.
J.K. Lasser’s Homeowner’s Tax Breaks
There are 65 million homeowners in the U.S. and there are almost as many tax savings opportunities offered to them. Unfortunately, beyond the most com...
Automobile Business Expense As Tax Deduction
When you use your car for work you may be able to deduct your automobile expenses on your taxes. Eligible automobile expenses for a tax deduction include mileage and depreciation. But if you don't itemize your deductions on your taxes you cannot claim your automobile expenses as one of these deductions. Contact a tax preparer for more information.
Moving Helps Avoid Capital Gains Taxes
When you own two homes, and one is a renovation that you planned to flip, where should you live? It depends in part on the tax consequences of selling the homes. It may make sense to move from your current home into the renovated home so you will pay lower capital gains taxes on the home sale. You can live in the renovated home for a few years and then sell it as well for more profit and a better capital gains tax amount.
Get Organized For Tax Time
Get organized for tax time. For the basic stuff you need to create an easy filing system for your house files, check out office supply stores or warehouse stores like Sam's and Costco. To help make sense of your tax return, try online programs like Turbotax, and use programs like It's Deductible to determine the true value of your donations