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Lake Wylie Tax Service | Bookkeeping | Payroll Service

Lake Wylie Tax Service | Bookkeeping | Payroll Service

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Tag Archives: Home and Mortgage

What Are the Tax Advantages of Home Ownership?

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on January 4, 2021 by Lake Wylie Tax Services StaffJanuary 4, 2021

Tax Advantages of Home OwnershipHousing is a big expense for everyone. The choice generally involves either renting or purchasing – and financing that purchase with a home loan. As of November 2020, the nationwide average for a 30-year fixed-rate mortgage was just under 3%, the lowest it has been in the last 50 years or even longer. Many individuals are taking advantage of the historically low rates to buy their first home, sell their existing home to move up to a more expensive one, or refinance their existing mortgage. Some who currently own their homes free and clear are even taking out loans to lock in the low interest rates. This article looks at the tax benefits and drawbacks of buying, financing, and owning a home.

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Posted in Tax Central | Tagged Buying a Home, Home and Mortgage

If You Are Facing Foreclosure, Here Are Tax Issues You Will Confront

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on September 8, 2020 by Lake Wylie Tax Services StaffSeptember 8, 2020

Facing Foreclosure, Here Are Tax Issues You Will Confront As this pandemic continues to wreak havoc on people’s finances, the Federal Housing Finance Agency said that Fannie Mae and Freddie Mac will extend foreclosure moratoriums to December 31, 2020 and perhaps longer.

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Posted in Tax Central | Tagged Covid-19, Home and Mortgage

You Should Be Keeping Home Improvement Records

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on July 21, 2020 by Lake Wylie Tax Services StaffJuly 21, 2020

tax implications of sale of homeIndividuals who meet the 2-out-of-5-year use and ownership tests can exclude up to $250,000 ($500,000 if both filer and spouse qualify) of gain from the sale of their home, and generally don’t need to keep a record of improvements made to the home. However, in many instances the gain from the home’s sale can be substantially higher than the allowable exclusion amount; having a record of improvements can be very beneficial and lead to tax savings.

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Posted in Tax Central | Tagged Home and Mortgage

Mortgage Insurance Premium Deduction Retroactively Extended

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on January 28, 2020 by Lake Wylie Tax Services StaffJanuary 28, 2020

Mortgage Insurace Premiums Tax DeductionOn December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including retroactively extending certain tax provisions that expired after 2017 or were about to expire, a number of retirement and IRA plan modifications, and other changes that will impact a large portion of U.S. taxpayers as a whole. This article is one of a series of articles dealing with those changes and how they may affect you.

For tax years 2007 through 2017, when taxpayers itemized deductions, they could deduct the cost of premiums for mortgage insurance on a qualified personal residence as home mortgage interest.

This deduction has been retroactively extended back to 2018 and through 2020. If you paid premiums for mortgage insurance in 2018 or were amortizing prepaid mortgage insurance premiums from an earlier year’s home purchase, you may be able to amend your 2018 return for a tax refund.

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Posted in Tax Central | Tagged Home and Mortgage, Tax Deduction

Tax Issues That Arise When Converting a Home into a Rental

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on September 9, 2019 by Lake Wylie Tax Services StaffJanuary 23, 2020

tax issues with home rentalThere are many reasons to convert a home into a rental, such as to ensure that a prior home produces income and appreciation after the owner buys a new home; to maximize the tax benefits for an elderly person who can no longer live alone by delaying the sale of that person’s home; and to ensure that a home provides value when its owner takes a temporary job assignment in a different location. Some homeowners even mistakenly think that, when a home has declined in value, converting it into a rental can allow them to deduct that loss. Regardless of why an individual makes such a conversion, a number of tax issues come into play as a result of that decision.

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Posted in Tax Central | Tagged Home and Mortgage, Rental Property

Tax Reform Has Substantially Altered the Tax Benefits of Home Ownership

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on February 12, 2019 by Lake Wylie Tax Services StaffJanuary 23, 2020

Advantage of Home OwnershipAs part of the recent tax reform, the Tax Cuts and Jobs Act of 2017, the deduction for home mortgage interest and property taxes has undergone substantial alterations. These changes will impact most homeowners who itemize their deductions each year. Please read this article for more information as it pertains to your situation.

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Posted in Tax Central, Tax Deductions | Tagged Home and Mortgage, Tax Reform
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