Posts Tagged taxes

Money for Movin’ On!!!

April10
  Moving On - Taio Cruz For those who moved in 2010, you may find tax deductions to write-off some of those hefty moving expenses. You can write off relocation costs on your taxes, as long as the move is work-related, according to the IRS. Some IRS-approved deductions for moving include the costs to move household goods and personal property, limited storage and insurance fees, and utility connection or disconnection charges. The IRS also allows for some deductions with lodging and travel expenses near your new and former homes, as well as shipping costs for your car and even the travel a… Read More

What Would it Mean to Lose our Mortgage Interest Deduction?

April6
Andy Williams sings "Can't Get Use to Losing You" In recent weeks, many proposals suggesting a variety of changes to the tax system have been discussed.  One has been elimination of our mortgage tax deduction.   If the mortgage interest and real estate tax deductions were eliminated, the loss would not be a one-year event.  Homeowners would lose out on benefits each and every year.  The present value of these lost savings could total $3.2 trillion.  The value of all owner-occupied real estate in the United Sates in 2009 was $19.3 trillion (will be updated for 2010).  NAR (National … Read More

Do You Have Someone Else Buying Your Real Estate For You???

April4
"Free Money": Patti Smith IRS Tips About Rental Income and Expenses  Do you rent property to others? And, if you follow my ramblings, you know I absolutely love the idea of someone else buying my real estate for me!!  If you have investment properties , you’ll want to read the following seven tips from the IRS about rental income and expenses. You generally must include in your gross income all amounts you receive as rent. Rental income is any payment you receive for the use of or occupation of property. Expenses of renting property can be deducted from your gross rental income… Read More

Taxes, Taxes and More Taxes!

February25
TAXES UPDATE:   Capital Gain and Dividend Rates – Current rates were extended for two-years for all taxpayers with a maximum rate of 15% for both. Personal Tax Rates – Current rates were extended for two-years for all taxpayers with the top rate remaining at 35%. Social Security Tax – The employee tax rate of 6.2% on the first $106,800 of wages drops to 4.2% in 2011. Alternative Minimum Tax – Current exemptions were extended for all taxpayers for two-years. Estate Tax – An exclusion amount of $5 million and a tax rate of 35% for amounts in excess of the exclusion was est… Read More