Posts Tagged taxes

Some Facts about the Sale of Your Home if You Are a Surviving Spouse!

December7
"I Will Survive" - Gloria Gaynor Sale by Surviving Spouse The IRS has given special consideration regarding the sale of their jointly-owned principal residence after the death of a spouse. If the surviving spouse does not remarry prior to the sale of the home, they may qualify to exclude up to $500,000 of gain instead of the $250,000 exclusion for single people. The sale needs to take place after 2008 and no more than two years after the date of death of the spouse Surviving spouse must not have remarried Both spouses must have used the home as their principal residen… Read More

Keep Track of Improvements on Your Principal Residence!

November29
Jared Dance - Improving Keep Track of Improvements People are staying longer in their homes according to the National Association of Realtors and the U.S. Census.  Over time, even a modest appreciation could result in a significant gain and homeowners should have a strategy to minimize possible taxes. Maintenance on a principal residence is not deductible but improvements can add to the basis which can reduce the gain in the eventual sale.  Improvements are easily identified if they add to the value of a home, prolong its useful life or adapt it to new uses. Receipts … Read More

In THIS Economy, WHY Target the Mortgage Tax Deduction????

August16
"Everybody Wants to go to Heaven" - Kenny Chesney It's obviously going to be a Herculean task for Congress to balance the budget and reduce the deficit. It's sort of like the country song lyric that goes "everyone wants to go to Heaven but nobody wants to go now." It is estimated that the mortgage interest deduction cost the government $100 Billion last year which is why it is a target for cuts. The Mortgage Interest Deduction has been part of Income Tax laws in this country since 1913. The United States of America is one of the few countries in the world that allows such a deduction. … Read More

The Times They are A-Changing for Real Estate Investors!

August9
The Times They are A-Changing - Bob Dylan I continually write (or is it whine) about the constant changes and new restraints regarding real estate mortgages.  It seems that banks don't REALLY want to lend money?  I know this is whiplash from the years of unrestrained lending practices, but they are often punishing the wrong people.  I also constantly mention that real estate can be a great addition to any financial portfolio!  It's all about diversification!! There are new rules and guidelines from Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loa… Read More
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