I.R.S.

Bush Tax Cuts May Expire January 1: Homeowners of $1 M+ Properties Beware Do you own a home valued over 1 million dollars? Beware! Congress may allow the Bush Tax Cuts to expire on January 1, 2013. What does this mean for homeowners of properties valued over $1,000,000? Capital Gains taxes may rise as high […]

Ten Tax Tips for Individuals Selling Their Home IRS Summertime Tax Tip 2011-15,  August 8, 2011 The Internal Revenue Service has some important information to share with individuals who have sold or are about to sell their home. If you have a gain from the sale of your main home, you may qualify to exclude […]

Mortgage Interest Deduction?  OF COURSE! We’re with Lawrence Yun, of the National Association of Realtors: It’s a common misperception that the mortgage interest deduction benefits primarily the wealthy, as argued in the Washington Post’s January 1 editorial, “Trim the Excessive Tax Subsidy for Real Estate.” In fact, the MID actually benefits primarily middle- and lower […]

Rental Property Owners have been handed another huge burden for reporting income and expenses in 2011 & 2012.   The  Small Business Jobs Act of 2010 and Patient Protection and Affordable Care Act, PL 111-148, signed into law in 2010, both beef up 1099 reporting requirements and pentalties for rental property owners. Between the two acts, Rental Property […]