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Do Foreigners Owe Real Estate Tax?
Q: Are foreigners subject to real estate tax on profit at time of sale of their homes? –Anonymous, Timonium, MD A: Yes indeed! Research FIRPTA laws on the Web. If you cannot meet the requirements to...
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How Do I Calculate The Taxes I Will Owe On A Property?
Q: Hey, I found a house for $75,000 in Las Vegas, NV , Clark County. How much am I going to end up paying total with everything including tax. What is the percentage of tax to the price? What are the...
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Does the Home Buyer’s Credit Expire Based on the Closing Date or the Accepted...
Q: I purchased my home in 2010 and received the $8000 first-time home buyers credit. We are now looking to sell. My question is: Do you have to stay in your home(as the primary resident) for 36 months...
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Money Management: How the New 3.8% Investment Income Tax Affects Your Real...
To you, our readers, it’s probably not news that, as of January 1, 2013, a new, hotly-contested investment income tax will take effect. But don’t think that it only affects the country’s high earners...
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The Top 10 Real Estate Tax Deductions for 2012
Looking for tips for the 2013 tax year? See 10 Important Tax Deductions for 2013 As the time to file income taxes approaches, we need to take a new look at the changing tax landscape for homeowners....
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7 Moving Expense Tax Deductions You Need to Know Before Your Next Move
Moving can be a costly ordeal. Fortunately, the Internal Revenue Service allows you to deduct certain expenses from your taxes, so long as certain criteria are met. 1) Do You Qualify? The IRS only...
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How Unpaid Taxes Can Keep You From Buying a Home
For mortgage lenders, your debt is not a deal-breaker – up to a certain point. Even the nasty stuff like judgments and collections won’t necessarily keep you from getting a mortgage. But life can get...
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What Are the Tax Implications of Selling a House?
Selling your home can be an exciting and challenging experience, particularly if you’re attempting to simultaneous settle on one house and purchase another. The numbers spinning through your head at...
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9 Sins Homeowners Often Commit on Their Taxes
As you calculate your tax returns, consider each home tax deduction and credit you are — and are not — entitled to. Running afoul of any of these 9 home-related tax mistakes — which tax pros say are...
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Tax Deduction Options to Know About If You Work from Home
If you work from home, even on a part-time basis, you can probably save some dough come tax time by deducting your home office costs. The challenge has always been the 43-line, MENSA-like IRS form...
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The Top 10 Real Estate Tax Deductions for 2013
As the deadline to file income taxes approaches, it’s time to take a new look at the changing tax landscape for homeowners. The dynamic atmosphere in Washington, D.C. has a different effect each year...
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Buying a House With Cash: Should You Do It?
You’ve just sold your home and are ready to buy again. For the first time in your life, you may have enough money to pay cash for a home—but should you? Buying a house with cash has its upside and its...
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Are Profits From the Sale of an Inherited Home Taxable?
Q: My brother and I have an inherited home as our grandmother died a few months ago. Neither one of us wants to keep the property, so we plan to fix it up a little and then sell it. If we sell it, how...
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Homeowners: Fall Planning Brings Spring Tax Savings
Before the first snowflakes of winter, homeowners should think about spring savings. Steps taken today could reduce the tax hit on April 15. Most homeowners who itemize their taxes can deduct the...
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Congress Extends Tax Break for Troubled Homeowners
Those who lost their homes to foreclosure or sold them via a short sale in 2014 will hopefully breathe a little easier knowing that they may be able to avoid a huge tax bill when they file their tax...
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Why the Mortgage Tax Break Isn’t Helping Many Taxpayers
For generations of U.S. homeowners, the tax deduction on mortgage interest has been a sacrosanct loophole that no one in Congress dare touch. But the collapse in interest rates is producing a...
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3 Key Tax Deductions Renewed for Homeowners
If you are anticipating a rough year when it comes to filing taxes, don’t turn those forms into new year’s confetti just yet. Several key provisions for homeowners have been retroactively renewed for...
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Discount Points Explained
When your lender gives you an interest rate, it’s not necessarily the one you have to stick with. You can raise or lower your interest rate by buying something called mortgage points. There are two...
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Facing Foreclosure? Be Wary of Capital Gains Tax
Losing a home to foreclosure can be catastrophic. The mortgage lender claims the property. The homeowner is forced to move, and his or her credit and future ability to buy a home are affected. In...
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Clear a Profit on a House in 2014? You Might Not Owe Taxes
If you sold your home for a profit in 2014, congratulations! More sweet news may be on the way: You might not have to declare your profit as income. In fact, you could be eligible to keep all or part...
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