Tag Archives: tax

Back to Basics: What Property Expenses are Deductible?

What Property Expenses are Deductible

This week, I wanted to take a closer look at real estate tax questions that begin with the phrase, “Can I deduct,” and then mention the cost of fixing or upgrading something in the house. Sometimes the writer mentions that ...

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The End of Mortgage Debt Forgiveness?

End of Mortgage Debt

The good news in the housing market is that foreclosure starts are at a 95-month low, according to RealtyTrac, the nation’s leading collector and aggregator of foreclosure data. The bad news, at least for distressed homeowners who will need to ...

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Can I use Home Improvements as a Tax Deduction?

home improvement and tax deductions

The rules regarding tax deductions for home improvements and repairs can be complex and confusing, even for the pros. But sooner or later, all properties are going to need a little TLC – and you’re going to have to figure ...

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Homebuyer Tax Deductions: The Ten Commandments

Homebuyer Tax Deductions: The Ten Commandments

It’s human nature to want to amass as many tax deductions as you can when you purchase a home. Many taxpayers, though, are too aggressive, confusing personal property and investment property tax rules. They wind up trying to take deductions ...

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Prominent Senator Takes Aim at Section 1031 Like-Kind Exchanges

Senator Takes Aim at 1031 Like-Kind Exchanges

A prominent Senator, Max Baucus (D-Montana), has unveiled a draft proposal that would sharply reduce or eliminate a number of tax breaks currently enjoyed by real estate investors. Specifically, the draft proposal would eliminate Section 1031 “like-kind” exchanges. It would ...

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