The IRS Deductions Blog

Posts Tagged ‘home’

Question: What portion of real estate settlement costs are tax deductible?

Answer: Mortgage interest, Points, Real Estate Taxes, If you are itemizing your deductions on the Schedule A instead of taking the Standard Deduction. You want to compare the 2 numbers and take which ever allows to to deduct the most from your adjusted gross income

See Publication 530 http://www.irs.gov/publications/p530/ar02.html#d0e285
If you have further questions call the IRS at 1-800-829-1040

Items on Amazon Right Now for Deductible Real Estate Taxes:

Quicken Rental Property Manager 2011 – [Old Version] $59.96 It shows how your rental properties are doing and where you’re spending at a glance. The Intuit Quicken Rental Property Manager 2011 Software identifies tax-deductible rental property expenses so you can maximize your tax deductions. It shows which rents have been paid so you know who owes you money and stores lease terms, rental rates and security deposits for each tenant….

Every Landlord’s Tax Deduction Guide $21.99 The only book on tax deductions specifically for residential landlords!Named a “Top 10 Real Estate Book” by Robert Bruss, syndicated real estate columnistIf you own rental property, you should be taking advantage of the many tax write-offs available. Every Landlord’s Tax Deduction Guide gives residential landlords the plain-English guide they need to save money on taxes — without the services of …

What Your CPA Isn’t Telling You: Life-changing Tax Strategies $11.69 This is a powerful story woven around one theme—TAX PLANNING CAN CHANGE YOUR LIFE Tackling the fundamental question asked by all taxpayers – How can I save on taxes? — attorney and CPA Mark J. Kohler empowers you to dismiss standard CPA viewpoints like your tax payment is what it is and you just make too much money. Simplified through the mastery of storytelling, Kohler invites you to immers…

Lower Your Taxes – Big Time 2011-2012 4/E $10.76 Completely revised and updated—the must-have resource for saving thousands of dollars at tax time Taxes aren’t just a nuisance; they’re fast becoming the single biggest expense for the typical American household. Completely revised and expanded, Lower Your Taxes—Big Time! has everything taxpayers need to know about saving money on April 15—and every other day of the year. Sandy Botkin, a…

Just sold!

Manhattan EAST VILLAGE $3,000,000 52 E. Fourth St. Two-bedroom, two-bath penthouse condo, 1,317 square feet, with 13-foot ceilings, marble baths and washer/dryer; building features doorman, garage, pool and roof deck. Common charges $1,811, taxes $225. Asking price $3,250,000, on market 82 weeks. Brokers…

Expert Real Estate Tips: What is a HUD-1 Form?

Question: Can rent be a tax deduction?

We are currently renting out our property to tenants, and renting somewhere else. I have heard that the rent we are paying (at the property we don’t own) can be a tax deduction, if the rent we are paying is higher than the rent we are receiving at our property.

Answer: No

Items on Amazon Right Now for Tax Rent Deduction:

Quicken Rental Property Manager 2012 $129.99 The Intuit Quicken Rental Property Manager 2012 Software is a software application for Windows that gives you the tools necessary to manage your business finances, personal finances and rental properties. Perfect for small business owners who own rental property, the software gives you the tools necessary to create estimates and invoices for clients and customers, track rent due dates and payments…

TurboTax Basic Federal + e-File 2010 – [Old Version] $4.99 The Intuit TurboTax Basic Tax Year 2010 Software automatically double-checks to help make sure your return is accurate. It features downloadable Audit Support Center, which provides guidance on everything you need to do if you are contacted by the IRS. And finally, it files your return electronically and prints it on plain paper….

Quicken Rental Property Manager 2011 – [Old Version] $59.96 It shows how your rental properties are doing and where you’re spending at a glance. The Intuit Quicken Rental Property Manager 2011 Software identifies tax-deductible rental property expenses so you can maximize your tax deductions. It shows which rents have been paid so you know who owes you money and stores lease terms, rental rates and security deposits for each tenant….

Garmin nüvi 265W/265WT 4.3-Inch Widescreen Bluetooth Portable GPS Navigator with Traffic $135.00 …

Bill Thomas: Real estate dreams, schemes helped doom economy

When Bill Thomas was chairman of the tax-writing House Ways and Means Committee, he thought too much emphasis was being placed on home ownership. “If you can afford to buy a house, you are rewarded handsomely in a number of financial ways. If you can’t, you are punished because you pay rent. You can’t even subtract rent from your income tax,” said Thomas, who retired in 2006 after representing …

Federal Tax Rates 1913 to 2009 — highest rate 92%

Question: What portion(s) of my closing costs are tax deductible?

For an FHA refinance mortgage loan, what portion(s) of the closing costs can I wrote off??

Answer: You can deduct on schedule A, the amounts shown for (1) interest, (2) property tax for the period after you bought the home, (3) points or loan origination fees, (4) mortgage insurance.

All of the other costs would either (1) be added to the cost basis of your home or (2) be non-deductible.

Richard K
Master Tax Advisor
Enrolled Agent

This advice is based upon my understanding of the tax law at the time it was written as it applies to the facts provided by you. See my profile for more information.

Items on Amazon Right Now for Tax Deductible Closing Costs:

Super Tax Site Saturday Provides Free Tax Help

There is still more than a month until your taxes are due, but the stress of getting the task accomplished still weighs heavily on the minds of many.

Question: Can you explain High Deductible Health Plan and HRA?

My Ex has a high deductible health plan with health reimbursement accounts (HRA)…
Does anybody have this – and explain how this works. I want to know because I paid $500 worth of doctor bills that ex should pay half- insurance paid $0 because of the high deductible..
Is he getting reimbursed from his insurance for these bills that the insurance doesn’t pay?

Answer: No. He basically is saving money into an account, and that money that he puts in a special account (called the HRA), is what he’s using to pay the medical bills that the insurance isn’t paying.

Likely, he gets to save the money into the account, with pre-tax dollars.

Items on Amazon Right Now for Reimbursement Deductible:

SquareTrade 2-Year Cell Phone Accidental Protection Warranty Accidental Damage from Handling (ADH) guards you against life’s little mishaps, whether you drop your cell phone on the street or splash coffee on your laptop.  ADH must also be purchased within 30 days of when you bought your item. ADH coverage begins on the 31st day after the item’s purchase – issues in the first 30 days are not covered. Upon purchase, you will get an email confirmation.  You …

Christmas Friends has another successful season

Christmas Friends Inc. had another successful year thanks to a generous community that donated money and time. In its 24th year, the gift-giving program helped 171 children and 129 senior adults who met strict guidelines for need.

Canadian Medical Reimbursement Plan-PHSP