I purchased a house this year. Would I qualify for any tax deductions on a home purchase?
Unfortunately, most of the expenses you paid when buying your home are not deductible in the year of purchase.
The only tax deductions on a home purchase you may qualify for is the prepaid mortgage interest(points). To deduct prepaid mortgage interest (points) paid to the lender if you must meet these qualifications:
While the changes to the tax law won’t affect most Americans’ 2018 filings for the 2017 fiscal year, 2019 will be a much different story. Citizens of certain states will benefit more than others, too.
Tax Reform changes depreciation limits on luxury automobiles The Tax Cuts and Jobs Act changed depreciation limits for passenger… Read more Luxury Automobile Tax Law Update
Normally, if you purchase a piece of real estate to fix up and sell it at later date, the profit is taxed under the capital gains rules. There are even more favorable rules if the property qualifies as your principal residence. If you live in it more than two years during the five-year period preceding the sale, you can often exclude the gain from taxation altogether under special rules for homeowners.
Hurricanes Harvey and Irma have done their damage and more big storms may be on the way. Unfortunately, more than a few disasters occur almost every year in America. If you are unlucky enough to suffer a disaster-related loss, here’s what you need to know about the federal income tax implications.
As people prepare to file their taxes, there are things to consider. They will want to determine if they need to file and the best way to do so.
Grandparents who work and are also raising grandchildren might benefit from the earned income tax credit. The IRS encourages these… Read more Grandparents Caring for Grandchildren Should Check Their Eligibility for EITC
The Earned Income Credit (EIC) is a valuable credit for lower-income taxpayers who work. It can be worth up to $6,318 for 2017, depending on your:
MEDICAL AND DENTAL EXPENSES
You can deduct most expenses relating to medical or dental diagnosis,
treatment or prevention as long as those expenses are in excess of
7.5 percent of your adjusted gross income (AGI).
The key to determining if you’re self-employed is to assess whether you are in business for yourself or are the… Read more AM I CONSIDERED SELF-EMPLOYED?