Deduct Your Refinancing Costs

Deduct Your Refinancing Costs. As the real estate market improves and mortgage rates remain low, many homeowners are considering refinancing their home mortgages. Following are some of the general tax rules for deducting the charges associated with refinancing. Interest Interest on a refinanced loan will be deductible to the extent the loan refinances up to $1 […]

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Depreciating Business Property

Depreciating Business Property. Depreciation deductions can be extremely valuable for a business. For example, in a recent court case, a federal judge ruled a company could begin taking its depreciation deductions for two buildings housing retail stores at a point prior to when they were \”open for business.\” The ruling allowed the company to show a

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Renting Residential Real Estate

A Tax Review for the Nonprofessional Landlord. Renting Residential Real Estate. Investing in residential rental properties raises various tax issues that can be somewhat confusing, especially if you are not a real estate professional. Some of the more important issues rental property investors will want to be aware of are discussed below. Rental Losses Currently,

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Scholarships Taxable or Not

Scholarships Taxable or Not The really great thing about receiving a scholarship is that the award doesn\’t have to be paid back. But does a scholar­ship represent taxable income? It doesn\’t as long as certain conditions are satisfied. Here\’s a brief rundown of what\’s required for tax-free treatment. Candidate for a degree. The recipient must

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Business Auto Deductions

Business Auto Deductions Do you drive your car for business purposes? The costs of operating and maintaining your vehicle are potentially deductible. Here are some guidelines. Two Methods The IRS provides two basic methods for computing deductions for the business use of an automobile. Actual expense method. With the actual expense method, you deduct the

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Who\’s a Dependent?

[mp_row] [mp_span col=\”12\”] To most of us, the word \”dependent\” is synonymous with \”child,\” but the IRS\’s definition is a little different. For tax purposes, a dependent must be either a \”qualifying child\” or a \”qualifying relative.\” To be a qualifying child, the child must: Live in your home for over half the year Be

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