A decade ago, some homeowners lost their homes to foreclosure or set up a short sale to get out from under the debt during the mortgage meltdown that caused the Great Recession. Lenders forgave all or part of the debt owed them in most cases. Again, in the early ’90s we had the Savings & […]
Category Archives: Taxes
Standard or Itemized Deductions
In 2017, the Tax Cuts and Jobs Act increased the standard deduction for married couples to $24,000. In some instances, homeowners may be better off using the standard deduction than itemizing on their return. Previously, homeowners could get a better benefit with itemizing but there is now a $10,000 limit of state and local taxes […]
Year End Tax Newsletter
IRS Says: Time May Be Running Out if You Rented Your Home
During the housing market bust that happened around 2007, some existing homeowners opted to rent out their main residence instead of selling it for less money. Interestingly, the IRS tax code will allow the temporary rental of a principal residence without the homeowner losing the exclusion of their capital gain with some time limit restrictions. […]