Tax Advantages Q: What are the tax advantages of owning a house?
View Answer Q: It is getting near tax time. Please explain the tax law as it relates to capital gains when you sell your primary residence. Also, what about the deductibility of 'points'?
View Answer Q: Presently my mortgage company pays my insurance and all taxes at the end of the year. Is there any tax advantage to us paying these separately ourselves?
View Answer Q: My husband and I are wanting to refinance our home in New Jersey. We were told that if his is the only name on the mortgage our interest rate would be lower then both of us together. Will that affect our tax return in the long run because my name is not on the mortgage even though we file married jointly?
View Answer Q: We are selling our house and have enough equity and profit to buy our next house outright. My wife has talked to accountants who say that we should have mortgage payments for the tax deductions. I say we’ll be better off without a house payment, at the very least break even and not owe more to the IRS. Which is the best way to go? We are in our 50’s, and retirement is just a few years away.
View Answer Q: I have a couple of questions for you. If my parents decide to gift me more than $10,000 for a house down payment, what are the tax consequences for them? If that's too costly and they instead decide to cosign my mortgage, is it much easier to get qualified? Can I deduct the entire amount on my taxes?
View Answer Q: We have found another home, well rather my wife has, but I am very hesitant about selling, not only because it is a big step but also we have owned our home in San Luis Obispo for over 8 years and consequently would get a sizeable increase in our property taxes if we move. I have heard rumors that there is relief for seniors in this regard. Can you explain?
View Answer Q: My wife and I purchased our first home in July. We would like to know what additional paperwork are we going to need when preparing for our income tax returns. What are some of the additional tax write offs now that we are home owners? We put $7,000.00 toward our landscaping; is this a write off?
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