TaxAudit Blog

Tag: mortgage

Closing Costs

Real estate closing costs can be pesky things. And since you are paying for them, can you at least deduct them from your taxes?

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Mortgage sign and keys

In regard to the personal home mortgage interest deduction on the Schedule A, the answer is yes, but only if certain criteria are met.

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Private Mortgage Insurance Paperwork

The PMI deduction was not permanent. This expiration date was extended twice, eventually to 12/31/17, and any PMI paid after that date is not deductible.

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house

This seems a simple question, and it has a simple answer, which is probably. First, all the usual requirements of deducting mortgage interest must be met.

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Woman at desk with head down on tax forms, holding a pencil and calculator.

Below is a list of misconceptions and examples of misinformation taxpayers may encounter during the upcoming tax season.

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house on top of a green hill

My boyfriend and I are buying a house together, and the property includes a rental apartment above the garage. How should we report our rental income?

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houses

My husband and I bought a home. We sold our old house a few months later. Will the profit on the old house be taxed if we do not roll it into the new house?

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Yellow house with white fence

I just had my home refinanced to a lower interest rate and to a 15-year fixed mortgage. What are some of the things that are associated with refinancing...

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House on top of stack of money

If I'm going to do home repairs, such as a roof and heating, which will cost about $15,000, would it be better to take out a home equity loan to pay for it or..

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Wooden walkway towards beach with palm trees

We live in Florida, and we are thinking about buying a second home in Maine for the summer months. Will we be able to deduct the mortgage interest on our taxes?

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houses

My personal residence cost basis is higher than the expected sale price. Is there a way to get a tax benefit from a loss on this property?

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Woman until holding up key by model of house

I have a good friend who owns two rental homes here in California. The tales he tells regarding these “assets” are not for the faint of heart.

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Homes surrounded by mountains

I bought a house in Arizona in 1996 for $95,000. I did two cash-out refi’s totaling about $30,000 through 2004. I sold the house in 2014 for $165,000, and..

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Piggy bank

Under 59½? Need some extra cash? Don’t use your retirement! It isn’t a savings account or a piggy bank to be used to buy an extra pizza on Saturday night

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houses

We recently bought our 1st home via FHA mortgage, which included monthly mortgage insurance premium (MIP). In addition, an "up-front" MIP amount (UFMIP)...

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