Converting Rental To Residence
Written by Kerry M. Kerstetter, MBA~CPA~ATP~ATA on November 30th, 2006 with comments disabled.
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March 2010
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Primary Residence Tax Deductions
I just bought a home. What can I deduct from the settlement statement?
Closing Costs
Deduction, Itemized
Interest Expense
Itemized Deduction, Home Mortgage Interest
Loan Origination Fee
Property Taxes
Settlements/Damages
If you bought your home, you probably paid settlement or closing costs in addition to the contract price. These costs are divided between you and […]
Written by admin on November 26th, 2006 with no comments.
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Partially Taxable Exchanges
“TRADE EQUAL OR UP” is the mantra of every qualified intermediary worth a lick of salt. This phrase highlights the importance of acquiring replacement property of equal or greater VALUE than what you relinquished (e.g. sold property A for 500k, buy Property B for 500k+). This allows the taxpayer to REPLACE ALL EQUITY […]
Written by admin on November 25th, 2006 with no comments.
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“Substantially Similar” Identification Rules
A recent scenario presented itself: a developer called me and said, “James, I have identified ‘123 Main Street’ as my replacement property; however as it turns out ‘123 Main Street’ is very expensive and we plan to only acquire 80% and a Tenant-in-Common plans to acquire the other 20%. We are not sure where the […]
Written by admin on November 25th, 2006 with no comments.
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Updating QuickBooks
Written by Kerry M. Kerstetter, MBA~CPA~ATP~ATA on November 14th, 2006 with comments disabled.
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Spouse on Title?
Want to add your wife to the mortgage on your new investment property? Does the lender require that she be on title? Be careful! This may affect your ENTIRE 1031 exchange and disallow the entire tax strategy!
The rule in play is called the SAME TAXPAYER RULE. The same taxpayer rule essentially says […]
Written by admin on November 4th, 2006 with no comments.
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