TaxAudit Blog

You asked whether the mortgage payments that your ex paid on the house you received in the divorce are taxable. This answer depends on your specific situation.

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In general, only mortgage interest and property taxes are deductible in the transaction year, while some expenses and fees can be added to the cost basis.

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Many people try to guess the amount of their closing costs and use that for their taxes. If they are ever audited, this would not likely work out well for them.

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

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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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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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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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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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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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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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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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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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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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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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