Archive for the taxes Category

Tax Saving Strategies Utilizing a 1031 Tax-Deferred LEGAL Exchange!!!

May15
"There's Taxes Everywhere" - Matt Cline   reprinted from the First American Title Company Exchange Newsletter!  Remember:  having a strategy for your investment properties, 2nd homes and even re-thinking your primary residence could save you big bucks on the tax front.  Just something to think about..... Tax Saving Strategies Utilizing 1031 Exchanges The 1031 tax deferred exchange is widely known and utilized by investors to defer capital gains tax when selling and buying investment property. To qualify under IRC Section 1031 the basic requirements to maximize your tax-… Read More

Death and Taxes! Is Tax Reform Possible?

April27
"Tax It" - The Miller Brothers Are we glad that tax season is over for 2012??  Well, really "tax season" is never over!  Tax fairness seems to already be dominant themes in a year with a presidential election in the fall. And, "Fair" is in the eye of the beholder!!  Many different tax proposals have been put forth by various committees and government representatives, but most believe that these proposals stand little chance of being enacted into tax law. Following is a brief overview of several different tax proposals: Bowles-Simpson Plan: The National Commission on Fiscal Responsibil… Read More

NOTE TO SELF: The Mortgage Interest Deduction is Limited Per Residence! ;-)

April25
Backstreet Boys - "Don't Try This at Home" Interesting story and tax case:  A recent U.S. Tax Court ruling clarified the IRS position that the $1.1 million limit for mortgage interest deduction applies per residence and not per taxpayer as some homeowners were hoping. A married homeowner filing jointly can have fully deductible interest on a mortgage of up to $1,000,000 of acquisition debt and up to an additional $100,000 of home equity debt. If the married couple files separately, each party is limited to deducting the interest on half of those maximum amounts. The court case came… Read More

The Point is………….?! Deducting “Points” on Real Estate Purchases and Refinances!

February10
"Getting to the Point" - Electric Light Orchestra Deductible Is the Point :-) To continue our week of blogs about real estate tax deductions...I wanted to "point out" that the term "points" refer to prepaid interest on a home mortgage and can be fully deductible by the buyer in the year paid if the right conditions exist. The points must be used to buy, build or improve a taxpayer's principal residence but not all fees charged by the lender are necessarily deductible. According to IRS Publication 936, "The term 'points' is used to describe certain charges paid, or treated a… Read More
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