One of the most controversial provisions of the 2017 Tax Cuts and Jobs Act (TCJA) was the cap on state and local tax (SALT) deductions. The TCJA capped the SALT deduction at $10,000 – which sounds generous until you realize how high state and local taxes can be in certain areas.
SALT taxes are combinations
Property Taxes
“Honey, our taxes are just too high. We’re moving to Alaska,” said no one, ever.
Nevertheless, a new study from the moving assistance website HireAHelper.com found that your state tax burden could change drastically with an interstate move. According to the study, if you move from the District of Columbia to Tennessee, your collective state
One of the most controversial provisions of the 2017 Tax Cuts and Jobs Act (TCJA) was the limit it placed on state and local tax (SALT) deductions. The TCJA capped the deduction on combined payments for state and local property, sales, and income taxes at $10,000 beginning in the 2018 tax year.
According to the
By Ryan Coon, CEO and co-founder of Rentalutions
While the unusually fast push-through of the Tax Cuts and Jobs Act raised eyebrows around the country, potential real estate investors have reason to cheer now that it’s passed. The law, which will affect the taxes we file for 2018 (meaning those we submit in 2019) through
After weeks of negotiations between the House and the Senate, Congress finally passed tax legislation designed to lower taxes and stimulate the economy. President Trump signed the Tax Cuts and Jobs Act on Friday, December 22 – right before leaving for the Christmas holiday.
As a homeowner, did this bill leave financial presents under your
“I love paying my property taxes! I wish I could pay even more!” — said no one, ever.
Property taxes are one of the necessary but unpleasant side effects of home ownership. Personal Finance Expert and Author Jordan Goodman (aka America’s Money Answers Man) notes that new homeowners often underestimate the amount of property taxes,
When people think of tax shelters, they sometimes think of Swiss bank accounts, shady overseas investments, or fraudulent or questionable activities by wealthy but unscrupulous businessmen. That is an unfair characterization.
The TurboTax website sums it up nicely – “A tax shelter is any legal strategy (that) you employ to reduce the amount of income
Your home is your castle, and it is also a source of tax deductions. Yet, every year, Americans let these potential tax deductions pass by, not realizing how to take advantage of them.
IRS Publication 530, titled “Tax Information for Homeowners”, can fill you in on the deductions that are available to you for the
When most of us think of mobile homes, we don’t think of high-end features, gazebos, and a deck featuring a stunning ocean view. We also don’t think of them being worth $5.3 million.
Welcome to Malibu, where upper-end mobile homes can be built out like luxury beachfront homes of traditional construction while offering the same
One of the tax deductions available to individuals and couples who own their home is the mortgage interest deduction. This deduction can save homeowners who owe taxes a substantial amount, especially if they have a mortgage with a high interest rate. An announcement by the IRS last week will provide some homeowners with even larger
Donald Trump’s taxes and his net worth are subjects of great mystery and speculation, so why should his income be any different? Again, The Donald does not disappoint when it comes to controversy.
In his financial disclosures with the FEC in 2015, Donald Trump listed $362 million in income for 2014. In a press release
For many homeowners, paying off a mortgage occurs only once in their lifetime. Taking on a large debt, especially one that lasts for thirty years, is a substantial commitment that deserves to be celebrated once it’s over. However, once the celebration is done, it’s important that homeowners take the time to make certain that they
When most homebuyers sit down to calculate whether they can afford a particular home, they often assume their monthly mortgage payment will include only the principal and the interest. Many forget to factor in property taxes and their monthly homeowner’s insurance premium. This often leads borrowers to experience sticker shock when they see what a
As the tax filing deadline looms, many Americans continue to prepare and file their annual income taxes. For the 86 million taxpayers who own their homes and have a mortgage, there are several different tax deductions they can take advantage of, including deducting their mortgage interest and the insurance premiums of any private mortgage insurance.
According to a report by the Institute on Taxation & Economic Policy, illegal immigrants in the United States pay in almost $12 billion dollars in taxes annually. This amount includes sales, property, income, and excise taxes that go to local and state budgets. The findings contradict the talking points of many politicians seeking support for
It sounds like a great idea – purchase a vacation home in your favorite destination and recoup some of your costs by renting the home out when you are not using it. This can be an excellent choice, but investigate the tax issues that are associated with vacation/rental homes before you purchase.
The tax concerns