Category: Tax Benefits
Overlooked Recordkeeping
Homeowners are familiar that they can deduct the interest and property taxes from their income tax returns. They also understand that there is a substantial capital gains exclusion for qualified sales of up to $250,000 if single and $500,000 for married filing jointly. However, ongoing recordkeeping tends to be overlooked. New homeowners should get in... Read More
FHA Loans
The Federal Housing Authority, operating under HUD, offers affordable mortgages for tens of thousands of buyers who may not qualify for other types of programs. They are popular with both first-time and repeat buyers. The 3.5% down payment is an attractive feature but there are other advantages: More tolerant for credit challenges than conventional mortgages.... Read More
Standard or Itemized?
Taxpayers can decide each year whether to take the standard deduction or their itemized deductions when filing their personal income tax returns. Roughly, 75% of households with more than $75,000 income and most homeowners itemize their deductions. Beginning in 2018, the standard deduction, available to all taxpayers, regardless of whether they own a home, is... Read More
Homeowner Tax Changes
The new tax law that was signed into effect at the end of 2017 will affect all taxpayers. Homeowners should familiarize themselves with the areas that could affect them which may require some planning to maximize the benefits. Some of the things that will affect most homeowners are the following: Reduces the limit on deductible... Read More
Debt Relief May Trigger Tax
The Mortgage Debt Forgiveness Act, originally passed in 2007, was extended three times to protect homeowners from paying income tax on debt that was relieved due to foreclosure, short sales or deed in lieu of foreclosure. The law expired on December 31, 2016 and unless it is extended again, homeowners with debt relief in 2017 may be... Read More
Indecision is Not a Decision
There could be some legitimate reasons for not buying a home but indecision is not one of them. Indecision is rooted in not having enough information to move forward to own a home or continue renting. If you keep renting, at the end of the year, you have had a place to live and a... Read More
Tax Benefits of Home Ownership (Part 3)
In Parts 1 and 2, you learned about tax benefits that can work for you if you’re buying Grand Junction real estate, and the deductions that can work for you on a home that you own. Now we’re going to talk about the benefits you can realize if you’ve decided “I think it’s time to... Read More
Tax Benefits of Home Ownership (Part 2)
Now that you have the basics, let’s talk about mortgage interest. Generally speaking, it is possible for you to deduct the interest that’s charged on any loan that’s used to buy or improve your residence in the calendar year during which it was paid. This works really well for new home buyers, because in the... Read More
Tax Benefits of Home Ownership (Part 1)
Your home is your castle – your refuge from the workaday world, the oasis where you kick back and relax, spend time with your family and just generally enjoy life. But did you know that your beloved piece of Grand Junction real estate can also provide you with tax benefits? It’s true; the IRS looks... Read More
Tax Benefits of Home Ownership Part 3
In Parts 1 and 2, you learned about tax benefits that can work for you if you’re buying Grand Junction real estate, and the deductions that can work for you on a home that you own. Now we’re going to talk about the benefits you can realize if you’ve decided “I think it’s time to... Read More
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