Tax Reform Has Substantially Altered the Tax Benefits of Home Ownership
Article Highlights: Pre-Tax Reform Home Mortgage Interest Deductiono Home Acquisition Debto Home Equity Debt Tax Reform Mortgage Interest Deduction Changeso Home Acquisition Debto Home Equity Debt Tracing Equity Debt Refinancing Property Taxes As part of the recent tax reform, the Tax Cuts and Jobs Act of 2017, the deduction for home mortgage interest and property […]
2017 Optional Standard Mileage Rates
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
Deducting the Costs of Modifications for Senior-Proofing a Home
Article Highlights Improvements for Medical Care or Treatment Improvements That Increase the Home’s Value Improvements That Do Not Increase the Home’s Value Medical AGI Limitations While Americans may argue about any number of hot-button political topics, there’s no disagreement on one issue: the country’s population is aging…fast. According to the Social Security Administration, 10,000 baby […]
Mortgage Insurance Premium Deduction Retroactively Extended
On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including retroactively extending certain tax provisions that expired after 2017 or were about to expire, a number of retirement and IRA plan modifications, and other changes that will impact a large portion of […]
The Home Energy Saving Tax Credit Is Back
Article Highlights: Appropriations Act of 2020 Residential Energy (Efficient) Property Credit Lifetime Credit Credit Limits Qualifying Property Per Item Credit Limits Basis Adjustment Retroactive Application On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including retroactively extending certain tax provisions that expired […]
Did You Pay Tax on Home Mortgage Debt Relief in 2018? You May Be Entitled to a Refund
Article Highlights: Appropriations Act of 2020 Cancellation-of-Debt (COD) Income Retroactively Extended Special Exclusion Home Affordable Modification Program (HAMP) Amended Return On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including retroactively extending certain tax provisions that expired after 2017 or were about […]
Standard Mileage Rates for 2017 Announced
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
Are You Paying Too Much Interest on Your Home Mortgage?
Interest rates are currently at an all-time low, and it may be time for you to consider refinancing your existing home mortgage to take advantage of these lower rates. Doing so may substantially reduce your monthly mortgage payments. As you know if you have been watching the ads, some lenders are offering rates as low […]
If You Are Facing Foreclosure, Here Are Tax Issues You Will Confront
Article Highlights: Mortgage Forbearance Fannie Mae and Freddie Mac Penalty Free Pension Plan Withdrawals Cancellation of Debt Income As part of the CARES Act, Congress provided temporary relief for homeowners with federally backed mortgages who were financially impacted by COVID-19. For those unable to keep up with their home mortgage payments, the relief provides mortgage […]
Important Tax Changes for Small Businesses
Article Highlights: 100% Business Primarily Vacation Primarily Business Special Circumstances Foreign Conventions, Seminars, and Meetings Cruise Ships Spousal Travel Expenses Tax legislation passed late in December 2015 (the Protecting Americans from Tax Hikes Act) extended a number of favorable business provisions and made some others permanent. The provisions can have a significant impact on a […]