TaxAudit Blog

Tag: real estate

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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hot cup of coffee

Starbucks? Coffee beans? Lattes? What do they have to do with taxes? Don’t worry, we will get to that! But first, let’s discuss your Golden Years again...

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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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house on top of a green hill

My wife and I bought a townhouse in 2014. What tax deductions can we take?

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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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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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