When you file your taxes, you may be able to claim a tax deduction. A tax deduction allows you to save money on your taxes. Current tax deductions include mortgage interest paid and student loan interest paid. Including tax deductions on your tax return may lower your tax bill. Consult a tax preparer, accountant or enrolled agent to know for sure.
Tax Deduction On Sale Of Primary Residence
A homeowner is going to rent her house, but plans to sell it within the next two years. She should not have to pay any capital gains taxes, because when a person sells his or her home, and the person has used the property as their primary residence for at least 2 out of the last 5 years, he or she doesn't have to pay any tax to the federal government on the first $250,000 of profit (up to $500,000 if the owners are married).
IRS Announces New Web Page for Those Facing Foreclosure
The IRS announced today that it has posted a special web section (www.irs.gov/newsroom/article/0,,id=174034,00.html) at its website for homeowners who...
Pay Off Mortgage Loan With Low Interest Rate?
When you have extra money is it better to pay off your mortgage or invest the money? It depends on the type of the mortgage loan and the interest rate on the mortgage loan. Paying off a mortgage may also depend on what stage of life you're in - whether you're still working or in retirement. In this case, Ilyce suggests waiting to pay off the mortgage loan because of its low interest rate.
Real Estate Minute: Tax Deductions Can Raise Red Flag
Real Estate Minute with Ilyce Glink Watch your deductions this year to avoid getting audited Original Air Date: April 12, 2007
Telephone Tax Refund
Alan Keiter, who runs the excellent website, www.myrateplan.com, dropped me a note today to let me know that he added a page to MyRatePlan today summa...
Tax Tips for Homeowners: J.K. Lasser’s Your Income Tax 2007
Ilyce reviews J.K. Lasser's Your Income Tax 2007. Although nothing much changed for homeowners and home sellers this year, it's worth going over the tax basics for those who made a move in 2006. If you're not sure what applies to you, talk to your accountant or tax preparer.
Real Estate Minute: More Tax-Reduction Strategies For Next April 15th
Real Estate Minute with Ilyce Glink More Tax-Reduction Strategies For Next April 15th Original Air Date: October 9, 2006
Mortgage Interest Tax Deduction Depends On Whether You Itemize
When you're getting ready to buy a home you need to take your income into account and also whether you itemize your tax deductions. The majority of Americans do not itemize on their taxes and so they don't benefit from the mortgage interest tax deduction. Learn how the mortgage interest tax deduction works and who benefits most from this tax break.
Converting Your Conventional IRA To A Roth IRA
Charles called into Newstalk 750 WSB today. He's been putting away after-tax cash into his conventional IRA because he made too much money to contribu...