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Tax Benefits of Ownership
Learn what drives your clients by learning the profit tax implications of real estate transactions. Stay current on the latest news, videos, forms, and updates for Tax Benefits of Ownership.
Latest Articles
The U.S. Tax System: Inequality’s best friend
Why do we pay taxes, and what has gone wrong with our system? The first in a two-part article series on taxation and real estate.
Does the healthcare law really affect sellers of real estate?
Rumor has it the healthcare law recently upheld by the U.S. Supreme Court will adversely affect sellers of real estate, causing them to pay a 3.8% surtax on their home sale. There is a grain of truth to this gossip, though it will affect very few...
Buyers wait on Washington (or The Hague)
Political polarization is stunting the housing market recovery, a recent article from The Economist suggests. Drawing on similarities between the Netherlands and the U.S., the report links uncertainty about future government regulations to a retarded...
Owner must meet both criteria of a real estate professional to claim passive real estate loss deductions
Facts: An owner of two rental properties spent 800 hours a year actively managing them as a second job, spending more hours working in a primary profession. The owner claimed rental real estate loss deductions on his tax return as passive activity losses available to...
Joint tenants sharing ownership rights cannot exceed individual deduction limit
Facts: Two unmarried co-owners of two properties claimed separate Federal income tax deductions for their home mortgage interest payments. The co-owners each reported deductions for interest paid on $1 million of acquisition indebtedness and $100,000 of home equity...
Component depreciation barred by standard depreciation schedule
Facts: The owner of an apartment complex claimed individual depreciation deductions on components of the complex’s improvements, including sinks, outlets, paint, pipes, lights and electrical wiring. Claim: The owner itemized the components as tangible personal...
Qualified residential mortgages and the 20% down payment: no fear
As the Consumer Financial Protection Bureau’s (CFPB) summer 2012 deadline for formulating a definition for the qualified residential mortgage (QRM) approaches, criticism against current proposals has continued unabated. Lenders have been some of the CFPB’s loudest...
Mortgage interest tax deduction broken?
As the homeownership rate declines unabated by one percentage point annually, and interest rates remain at essentially zero, the federal and state governments are collecting more tax revenue since fewer taxpayers qualify for the mortgage interest tax...
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