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I am self employed and I purchased my first home this year. How will this affect the way I do my taxes? Are there any documents I will need? Are there any new types of deductions I can use?
I do I file when I receive loan money from my brother who owns half the deed of house to fix up an apartment and am responsible in paying him back the loan using the potential rental income I would receive from the fixed apartment?
We sold a property that qualifies for a $250k capital gains tax exclusion. This property was a home for several years, after which it became a rental property. We have tracked the property's depreciation while we rented it, and we know that up to 25% of this depreciation will be recaptured. The property sold in 2023 and…
Hello, I bought a house in 2023 and paid some points for the mortgage. I qualify to deduct all of the points in 2023 however my realtor rebates that were to be put towards closing costs was reflected in the closing statement in the points row under the column "Paid by Others". This meant that my 1098 only reflects a small…
I have a fairly large home remodeling project started in 2023 which is in its initial phase and going to last through part of 2024. Is there any part of the expense that I could get a tax break on? FWIW the remodel would add extra sq footage along with additional rooms.
Hi, I’m trying to determine what tax liability I have, if any, for becoming the owner of a house my father left to me in a trust. I’ve not sold it and have no short term plans to sell. Also, I now own his Roth IRA and another non retirement fund. Will I owe taxes for just having these accounts now? Like for dividends? I’ll…
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