If you own some property and decide to start renting it out, there are a few things you should note for tax purposes. If you change your home or other property to rental use at any time during the year, then you must divide the expenses, such as taxes and insurance, between rental and personal
Rental Real Estate Expenses
If you own rental real estate property you may be wondering what all can be deducted as expenses on your tax return. There are a few general rules about deducting rental expenses.You can generally deduct your rental expenses in the year you pay them You can start deducting expenses paid from
Accounting for Rental Income
When you own a rental home the rental income is any payment you receive for the use or occupation of the property. All rental income must be included in the gross rental income on the Schedule E of your 1040 tax return.You must report rental income according to the following:You must report
Deducting Real Estate Taxes
Do you own your own home? If you own your own home and itemize deductions on Schedule A on your personal tax return (form 1040) then you can deduct any real estate taxes you pay. This is one of the tax benefits of home ownership. Real estate taxes paid on your second or vacation home can also be
Deducting Mortgage Interest on a Personal Residence
When you own a home and you pay a mortgage on it, then the interest on that mortgage may be deductible on your tax return. Any interest paid on a line of credit or home equity loan also counts as mortgage interest. You can deduct mortgage interest only if you meet the following:1. You must file
Refinancing Your Home – Are the Costs Tax Deductible?
When you refinance your home you may be eligible to deduct some of the costs associated with your loans. One of these costs are "points". "Points" is used to describe some of the charges you incur to obtain your mortgage. Taxpayers who itemize may be able to deduct the points paid as mortgage
Is the Profit on Your Home Sale Taxable?
When going to sell your home many people wonder if the profit they make off of the sale will be taxable or not. The answer is sometimes yes and sometimes no.Generally the profit you make off of selling your home is considered a capital gain and taxed at capital gains rates. However, there are