The IRS Deductions Blog

Posts Tagged ‘mortgage tax deduction rules’

Question: Why does Rangel hate homeowners?

http://article.nationalreview.com/?q=MGI2N2M4NTQxNGUzZDVhNzA5YjRkNjM5YTNjY2M3Mjc=

Currently, the tax rules for independent landlords are simple. If you live in your home for at least two out of the five years before you sell it, you get a large exemption ($250,000, or $500,000 for married couples) from the capital gains tax when you sell. This provision has provided a small encouragement for millions of people thinking about whether to buy. Along with a host of other market factors and tax incentives (the mortgage interest deduction, for example), this exemption has played no small part in the increase in American homeownership and wealth that we have seen over the last decade. It is also providing a three-year life raft for homeowners like the friend described above.
But Rangel wants to change that. Under his bill (H.R. 3648), the two-year/five-year exemption is scaled back, starting in January. If you rent out your home, any gain in home equity during that period becomes taxable

Answer: And how would he measure the annual gain?

Bush will veto it.

Items on Amazon Right Now for Mortgage Tax Deduction Rules:

Finance and Banking

On 12 September 2010, the Group of Central Bank Governors and Heads of Supervision, the oversight body of the Basel Committee on Banking Supervision (“BCBS”), issued a press release 1 announcing a substantial strengthening of the capital requirements, and its full endorsement of the agreement it had reached on 26 July 2010 2 in relation to the proposed reforms to the Basel II framework. 3 These …

New Tax Rules for Short Sales – Foreclosures

Question: Can you apply all of your mortgage interest as a tax deduction if you refinanced more than the original loan?

The cash out was not used for home improvement, but I am not subject to the AMT.

Does the rule that you can only apply the cash out interest used for home improvement only apply in AMT circumstances?

Answer: Yes, this little know portion of the tax law only kicks in under AMT.

Items on Amazon Right Now for Mortgage Tax Deduction:

Last Minute Tax Reminders

COLUMBUS, GA (WTVM)-The clock is ticking toward the new year which means time is running out for consumers to make the most of their Tax Deductions for 2009.

Ending the mortgage tax deduction