Homeowners:
What You Can and Cannot Deduct
This report from the IRS explains what expenses
you can deduct as a homeowner. It also points out expenses that are not deductible. This
section has two primary discussions: real estate taxes and home mortgage interest.
Moving Expenses
Explains the deduction of certain expenses of
moving to a new home because you changed job locations or started a new job. Topics
include: Who can deduct moving expenses; What moving expenses are deductible and how to
report your moving expenses.
Tax Information for First-Time Homeowners
Provides tax information for first-time
homeowners including how you treat items such as settlement and closing costs, real estate taxes, home mortgage interest, and repairs.
Closing Costs
The bundle of fees associated with the buying or selling of a home are called closing costs. Certain fees are automatically assigned to either the buyer or the seller; other costs are either negotiable or dictated by local custom.
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Residential Rental Property This publication discusses rental
income and expenses, and explains how to report them on your return. It also covers
casualty losses on rental property and the passive activity limits and at-risk rules. This
publication is designed for those who only rent out a few residential dwelling units.
Selling Your Home
Explains the tax rules that apply when you
sell your main home. Also includes worksheets to help you figure the adjusted basis
of the home you sold, the gain (or loss) on the sale, and the amount of the gain that you
can exclude.
Tax Planning Guide
Tips and strategies from Deloitte & Touche,
one of the leading professional services firms in the nation. Contents include 5
tips for real estate investors, 21 tips for high-income individuals and 19 tips for
everyone.
Leveraging Your Money
One of the greatest financial aspects of buying a home is the ability to leverage your money. Simply put, leverage allows you to use a small down payment and financing to purchase a larger investment.
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