Homebuyer Taxes - Find out what expenses you can and cannot deduct on your personal residence

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 they are not entitled to, risking fines and penalties (and perhaps missing other tax breaks). It is vital to . . .

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real estate tax q&a

Welcome to a new feature on RealEstate.com, where you get to control more of the content. A recent article on tax and investment property raised some issues – and you folks started writing in the comment thread with your questions. I got answers to some, but there were more questions than I could keep up with and do justice to. It was clear that . . .

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tax consequences after foreclosure

As if you didn’t have enough problems with managing or avoiding a foreclosure itself, you also need to consider tax consequences. The good news is, though, that the tax consequences after a foreclosure aren’t as severe now as they have been in the past – especially for those involved in foreclosures on . . .

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calculating home ownership tax benefits

If you’re buying your own home primarily for the income tax advantages, you may be disappointed. Yes, you do get to deduct the interest on up to $1 million in qualifying home mortgage debt against your income, in most cases. But you can only deduct the interest to the degree that the interest, . . .

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real estate property taxes

If you’re the average homeowner, your brain might shut down when the word “tax” is mentioned. Many people would rather have a root canal than talk taxes. So, let’s try to keep this lighthearted and hit just the basics. Real estate property taxes vary by the local government that imposes them and are based on the assessed value of your property. . . .

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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 out how to treat them on your tax returns. First, let’s take a look at personal residences. . . .

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tax and investment property

One way or another, Uncle Sam is going to get his cut. Count on it. And so will your state and local governments. That said, there are certain things you can do as a real estate investor to help manage your tax bill, and maximize your after-tax return on your investment. . . .

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