Tax News

If you purchased a home in 2008, 2009, or 2010 and claimed a first-time homebuyer credit, you may have to “repay” some or all of it on your 2012 return. Repayment effectively means including the r...

When you move more than a set distance because of a new job or business, you are entitled to deduct certain moving expenses. These costs are deductible regardless of whether you itemize your other per...

About 36,706 estate tax returns (Forms 706) were filed for decedents who died in 2007, reporting a combined $224.8 billion in total gross estate. Remember, in 2009, the estate tax exemption was $2 mil...

In general, rental real estate activities are automatically treated as passive activities, limiting annual losses to the extent of income from such activities. However, individuals who are "real estat...

A report (www.treasury.gov/tigta/auditreports/2011reports/201130005fr.pdf) by the Treasury Inspector General for Tax Administration cued the IRS in on the need to better audit owners of rental real es...

A taxpayer does not qualify for the first-time homebuyer credit of up to $8,000 if the home is purchased from an ancestor or other related party, including a parent. In one case, a taxpayer who bought...

Generally, gains from the sale of real estate are taxed as capital gains. However, taxpayers who buy and sell property in their trade or business have their gains taxed as ordinary income. In a recent...

A couple that was planning to demolish their home and build a new one in its place instead donated the home to their local fire company. As part of training exercises, the company burned down the home...

Gain on the sale of a principal residence can be excluded up to $250,000 ($500,000 for joint filers). This exclusion applies only if the homeowner has owned and used the residence for at least 2 of th...

Gain on the sale of a principal residence can be excluded up to $250,000 if single, or $500,000 on a joint return as long as the seller has owned and used the home as his or her principal residence fo...

The economy in general and the housing marketing in particular may get you thinking about disposing of a second home. It may be too costly to keep, you may need the funds for other purposes, use of th...

The IRS reported in its latest Statistics of Income Bulletin that the number of taxpayers making noncash charitable contributions increased between 2006 and 2007. More specifically, for 2007, 23.8 mil...

There is a program under way that encourages consumers to replace their old appliances with energy-efficient ones. Like the cash-for-clunkers program that supported new car purchases in 2009, the appl...

The first-time homebuyer credit came into law in April 2008 as a way to stimulate the sagging housing market. Back then, the credit limit was $7,500 and, in most cases, it had to be repaid to the gove...

If you're a homeowner, you can win in four big ways by making certain energy-saving improvements to your home now:Save on energy costs this winter and for years to come. Increase the value...

The value of vacation properties, like the value of principal residences, has fallen on average by 25% in this dismal housing market. The number of sales has plummeted as potential buyers are squeeze...

Homeowners at risk for defaulting on their mortgages may qualify for pay-for-performance payments under the Home Affordability Modification Plan (HAMP), a program that is part of the Homeowner Afforda...

In today's real estate market, while prices and mortgage rates have come down, many potential buyers still cannot qualify for a mortgage. If you're selling a home, consider becoming the "banker" and h...

While the first-time homebuyer credit is designed to encourage the purchase of a primary residence by those who haven’t owned a home within the past three 3 years, it can’t be claimed unti...

Thinking of buying a home now? You may be able to cut your 2008 income taxes if you do. If you buy a primary residence after December 31, 2008, and before December 1, 2009, and you meet other eligibil...