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Real
Estate Taxes
The
Tax Information provided here is for general information
purposes. You should discuss the topics here with your tax advisor
and see the official IRS website for additional information.
| - TAX
DEDUCTIONS FOR RENTAL PROPERTY - Learn
about tax deductions for rental property owners |
| - TAX
DEDUCTIONS FOR REAL ESTATE PROFESSIONALS - Full
Time Real Estate Professionals
receive favorable treatment by the IRS - including 100%
deductions not limited to $25,000 per year. >
Learn more here |
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Minister's
or military housing allowance. If
you are a minister or a member of the uniformed services and
receive a housing allowance that is not taxable, you still can
deduct your real estate taxes and your home mortgage
interest. You do not have to reduce your deductions by your
nontaxable allowance.
Expenses Paid by Tenant: If your tenant pays any of your expenses, the payments are
rental income. You must include them in your income. You can
deduct the expenses if they are deductible rental expenses. See
Rental Expenses in Publication 527, for more information.
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The book Selling
Real Estate Without Paying Taxes: A Guide to Capital Gains
Tax Alternatives provides the novice and the
experienced with a look strategies that may help you
reduce the amount of taxes you pay when you sell a home -
personal or investment. First-time Home Buyers should be
aware as well. Often times, a homeowner may need the
higher price to cover their costs in selling - you are
paying their anticipated tax burden. A knowledgeable
buyer may get a better deal buy offering to the seller an
idea to reduce the tax - thus the selling price. The book
helps explain such IRS "publications" as:
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Publication
530
Tax Information for First-Time Homeowners
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527
Residential Rental Property and Vacation Homes. (PDF format). |
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544
- Sale and Disposition of other Assets - Discusses
treatment of Capital; Gains and Disposition of Property. |
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1031
Property Exchanges
See
our explanation of the 1031 Property Exchange and learn more. Read
more on 1031 exchanges at Rentlaw.com
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Real Estate Tax resources include: |
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