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Standard vs. Itemized Deduction: Which One Should You Take?

imacon/iStockStandard versus itemized deduction: Which one should you claim? If this question is weighing heavily on your mind as you file your taxes this year—or you’re wondering what may be in store...

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Giving—or Receiving—a Down Payment Gift? Here Are the Tax Consequences

gawriloff/iStockSearching for homes and scrolling through listing photos is fun, but saving up for a down payment can be a real challenge. That’s why some home buyers turn to family for a helping hand...

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2020 Could Be an Unprofitable Year for Rental Properties. Here’s How to...

Darwin Brandis/Getty ImagesEconomic fallout from the COVID-19 crisis and civil unrest could cause many rental real estate properties to run up tax losses in 2020 and maybe beyond. This column covers...

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If You Inherit a House and Sell It, How Are the Profits Taxed?

BrianAJackson/iStockIf you sell your house and make a profit, you must pay capital gains tax—so does the same rule apply when you inherit a house from a deceased relative? The truth is that inheriting...

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What Are Mortgage Points? Upfront Fees That Could Save You Money

skynesher/iStockWhat are mortgage points? The interest rate your mortgage lender offers you when you buy or refinance a house is not necessarily the rate you have to stick with. In fact, you can lower...

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Did You Skip Mortgage Payments Last Year? Here’s What That Means for Your Taxes

Getty ImagesAmid the economic turmoil caused by the coronavirus pandemic, millions of Americans opted to pause their monthly mortgage payments. That choice could have implications for their taxes this...

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How Much Is Capital Gains Tax on Real Estate? Plus: How To Avoid It

Getty ImagesCapital gains tax is the income tax you pay on gains from selling capital assets—including real estate. So if you have sold or are selling a house, what does this mean for you? If you sell...

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Don’t Panic! 3 Money-Saving, Last-Minute Tax Tips for Homeowners

kroach/iStockIt’s heeeere: tax season. This year your taxes are due on May 17, unlike last year when the coronavirus pandemic prompted the Internal Revenue Service to extend the deadline to July 15....

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5 Reasons To Not Pay Off Your Mortgage Early

Branko Miokovic/iStockYou’ve imagined it: that party you’ll throw (and the happy dance you’ll undoubtedly do) the day you pay off your mortgage. Ah, the joy of being debt-free and the full owner of...

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Found The One? 10 Things To Do Before Making an Offer on a House

Realtor.com; Getty ImagesThe house hunting process is full of anticipation and excitement, and once you think you’ve found The One, it’s tempting to rush to make an offer and seal the deal before...

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What Is a Tax Sale Property and How Do Tax Sales Work?

Normally when you buy a house, you don’t want a home with any outstanding liens against it (that’s also why you pay for a title company). But what happens to those houses with outstanding taxes? You...

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4 Home Improvements That Can Lower (or Eliminate) Your Tax Bill

John Verner/iStockWe know. It’s tax season and you’re knee-deep in paperwork and you already dipped into your savings to remodel your home last year and now you have to pay more money to the IRS and...

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It Isn’t Just Home Prices That Are Rising—Closing Costs Are Soaring by This Much

Getty ImagesIt’s not just record-high home prices and fast-rising mortgage rates that homebuyers have to worry about. They can’t seem to catch a break as the closing costs they pay to complete the...

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How to Calculate Depreciation on a Rental Property

Getty ImagesWhen most people rent out their homes, they simply post their property online (with the other homes for rent), get a tenant, and watch those rent payments roll in. But smart landlords know...

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A Guide to Property Taxes in 2021: States With the Highest (and Lowest) Rates

designer491 / Getty ImagesWith tax season upon us, it seems like a good time to check what homeowners pay in property taxes—and a new survey confirms that where you live makes a huge difference in how...

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Why Letting Go of a Property Can Be So Hard—Even When You Could Make Big Bucks

Getty ImagesA home can be many things: a personal oasis, an investment, a familial homestead—and a massive emotional and financial anchor. A property can become a burden, especially when it comes to...

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7 Tax Benefits of Owning a Home: A Complete Guide for Filing This Year

You may recall the Tax Cuts and Jobs Act—the most substantial overhaul to the U.S. tax code in more than 30 years—went into effect on Jan. 1, 2018. The result was likely a big change to your taxes,...

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How To Take a Home Office Tax Deduction When You Work From Home

iStockOf all the tax breaks available, the home office tax deduction is among the murkiest and most misunderstood. And the passage of the 2018 Tax Cuts and Jobs Act has made things even more...

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Own a Rental Property? Why Filing Your Taxes This Year Rules

Leonardo Patrizi/iStockMy husband and I recently purchased our first rental property. Over the past few months, we’ve repaired and renovated the 1930s-era home, and are starting to look for tenants....

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5 Sweet Tax Deductions When Selling a Home: Did You Take Them All?

Getty ImagesYou may be wondering if there are tax deductions when selling a home. And the answer is: You bet! Sure, you may remember way back to 2018 and its new tax code—aka the Tax Cuts and Jobs...

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Tax Assessed Value vs. Market Value: What’s the Difference?

Maskot/Getty ImagesHome prices aren’t set in stone; instead, their value can change depending on a few key factors—that’s what makes buying and selling real estate so fun! (Or frustrating, depending on...

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Is a Historic Home Right for You? Here Are 4 Reasons To Buy an Antique Property

Davel5957/iStockMaybe you’ve always dreamed of buying a beautifully built home, something that doesn’t look like it came out of a cookie cutter. And you probably also get some side eye as soon as you...

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Forget the Sunshine State: This Small City in Pennsylvania Is America’s Best...

Getty ImagesAs home prices have soared throughout the Sun Belt, many retirees are trading the warmer winters there for a more affordable lifestyle elsewhere. U.S. News & World Report named...

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‘Can I Legally Sell My House to My Spouse?’ Here’s What You Need to Know

Getty ImagesThis is a legitimate question. It comes up particularly in the cases of divorce—before the deal is done, of course. Selling your home to your spouse is one way for couples to divide their...

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Property Taxes Can Take a Big Chunk of Your Housing Budget: Here’s Where...

Photo-Illustration by Realtor.com; Photos: Getty Images (2)The only certain things in life might be death and taxes—but the dollar amount of those taxes is likely to vary greatly depending on where...

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Do The Taxes You Pay Make Your State a Better Place? Find Out Here

Walter Bibikow/Getty ImagesTax season is here—and while many gripe about forking money over to Uncle Sam, the real question is: Are your tax dollars being put to good use? Odds are, you’re aware that...

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What Is a Real Estate Excise Tax? (And How Much Does It Cost Buyers and...

Photo-Illustration by Realtor.com; Source: Getty ImagesNobody enjoys discovering surprise fees when selling a home. And anyone who has sold a home can tell you all about sellers’ closing costs, which...

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Tax Implications Following Foreclosure: What You Need to Know

iStock Hitting a rough patch financially can happen to anyone. And sometimes that might mean you can no longer pay your mortgage and you default on your loan. If that happens, you will likely face...

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Feeling the Pinch: As Homebuyers Face Rising Prices, Homeowners See Property...

Getty ImagesHomeownership isn’t called the American dream for nothin’. The benefits, of course, are myriad—among them, stability. After all, landlords can jack up rents whenever they like, but mortgage...

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5 Things Your Real Estate Attorney Wishes You Knew

Getty ImagesReal estate attorneys aren’t always the most popular people on the block. Hey, I’m a lawyer, so I fully appreciate why some people don’t like us. We’re expensive, we’re often difficult to...

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