Feature Video - Tax Tips for Homeowners
Homeowners Focus Center Archive
S Corporation Does Not Qualify For First-Time Home Buyer Credit
In a case of first impression, the U.S. Tax Court held that an S Corporation is not qualified to take the popular first-time homebuyer tax credit. The first-time homebuyer tax credit was a non-refundable
Read More»
Prepaid Mortgage Insurance Premiums Get Final Regulations
The IRS issued final regulations on prepaid mortgage insurance premiums occurring after December 31, 2010. Homeowners making prepaid mortgage insurance premiums may be required to apportion that payment to multiple years. Homeowners are aware
Read More»
Federal Mortgage Debt Relief Act
Top Takeaways 1: Cancellation of Debt is Income In general, if money is borrowed from a commercial lender and the lender later cancels or forgives the debt, the cancelled amount is included in income
Read More»
Transferring the Family Home To Children
The economy is currently in a recession with the real estate market seeing some of the biggest declines. Due to this decline people’s family homes probably have not appreciated much in value. One important
Read More»Tax Court Limits Same-Sex Couple’s Mortgage Interest Deduction
The U.S Tax Court ruled that psychiatrist Charles J. Sophy, and his domestic partner Bruce H. Voss, are together limited to deducting interest on only $1.1 million indebtedness for property they owned as joint
Read More»
Home Office Deduction
Top Takeaways 1: You can deduct home office deduction To qualify for the deduction, part of your home must be used regularly and exclusively for your trade or business. To be regularly used means
Read More»
Real Estate Tax Deductions in California
Did you know that not all real estate taxes are deductible in California? A copy of your property tax bill will tell you which are and which are not. According to the state Franchise
Read More»
