TaxAudit Blog

Category: Homes and Rental Property

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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Yellow house with white fence

Before signing on the dotted line, it’s important to understand the potential tax, liability, and equity issues of transferring your house deed to your child.

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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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Roof on brick house

The expenses I paid out on my rental were $12,000 more than my rental income, yet my tax return shows a deductible rental loss of zero. Why?

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Two men fixing a roof

I inherited a home in 1988 from my father. I sold that home during the 2014 tax year at a gain. I did considerable renovations on this property...

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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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houses

We had solar put on our house this year. Is it tax deductible? A tax credit is available for qualified solar electric property costs and qualified solar water..

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Roof on brick house

I had a new roof put on the house. Is it tax deductible? A new roof is generally considered to be an improvement to the structure.

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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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Woman holding house keys

We bought our home in 2009, in Arkansas, did major improvements, and then leased it out from 2010 though 2014. We now have the place up for sale...

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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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Yellow house with white fence

I completed a short sale in 2014 and was wondering if it’s possible to avoid taxes on the difference. I sold it for $142,000, the bank got $127,000, and the...

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Flooded street with sign that says High Water

My house got water in it this past month. I needed to clean up the mess, replace the carpet, pad and doors.  My insurance would not cover the loss.

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Room partially painted

How do you know if you have spent substantially full time repairing and maintaining a rental property when you stay in it so it doesn't count as a personal day?

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Handcuffs laying on a 1040 form

We took out a home equity loan to redo our basement. The contractor did not perform the work as agreed and what was performed had to be torn out...

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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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Yellow house with white fence

I gave my daughter $10,000.00 for a down payment on her house. It was earmarked in our trust to be paid to her on our death. I inherited the money from her...

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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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