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Can I Deduct Mortgages for 3 Houses on My Tax Returns?
You may want or need more than one home for vacations, getaways or work. If you itemize deductions on your tax return, you can write-off the interest on mortgages on two homes. Diverse types of...
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Can HUD Refinance Fees Be Deducted on Federal Taxes?
With certain restrictions, homeowners that refinance their mortgage can deduct part of their closing costs on their federal income taxes. It's important to hold on to the list of closing costs you paid...
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Are Mortgage Refinancing Fees Tax Deductible?
Refinancing a mortgage at more favorable terms can save you thousands of dollars in the long run. In the short term, it can be rather expensive, with closing costs and other refinancing fees frequently...
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I Just Bought a House; How Can I Adjust My Withholdings?
For many people, becoming new a home owner heralds a number of changes. One of the biggest change that you will likely experience is in how you file your taxes and in how much tax you end up paying....
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Could a Mortgage Refinance Reduce Tax Deductions?
In addition to giving you the money you need to buy your house, mortgages have another key benefit -- they generate valuable tax deductions from the interest that you pay on them. The deduction saves...
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Tax Deductions for Refinance and Closing Fees
Refinancing your mortgage can be an excellent way to save money on your payments, take cash out of your property, or both. Given all of its benefits, it frequently makes sense to do even though the IRS...
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Is It Tax Deductible If I Finish a Basement for an Apartment Rental?
Converting an unfinished basement into a rental apartment is an attractive idea to some homeowners to increase their income. However, the construction costs of doing this are not tax deductible up...
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What Items on a Settlement Statement Are Deductible on Your Taxes?
A home sale transaction is typically completed at a formal closing. At least one day prior to a closing, the seller and the buyer each receive a HUD-1 Settlement Statement. The settlement statement...
View ArticleClaiming the Tax Deductions on a House With Multiple Names on the Deed
The most common tax deductions for homeowners include mortgage interest and real estate taxes paid for the year. All owners listed on the deed are personally liable for the property, even if their...
View ArticleIncome Tax Deductions on Selling Properties at a Loss
When you sell real estate for more than it cost you, you pay capital gains tax on the profits. If you sell at a loss, you can take a tax deduction. Your personal home is an exception, though. If you...
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Can Co-Homeowners Claim Deductions?
If you own a house, you can deduct property taxes and mortgage interest on the property. When you co-own a house with someone other than a spouse, you may have to share tax deductions along with...
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Can My Child's College Apartment Payment Be Used as a Tax Deduction?
The federal government offers several credits and tax deductions for education, such as the Lifetime Learning and American Opportunity tax credits. They'll pay for tuition, but not for rent, no matter...
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How to Support the Development of Alternative Energy Sources
Most of the energy in the United States is produced by burning fossil fuels like coal, petroleum or natural gas, which release carbon dioxide into the air and contribute to global warming. Clean...
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Can I Deduct a TV Donated to a Recycling Company?
If you have a television that's obsolete, collecting dust or out of commission, donating it to a company that will recycle it can help divert the TV from the landfill and may even make a dent in your...
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Where Can You Recycle Soccer Balls?
Americans are playing soccer in ever-increasing numbers. The U.S. Embassy refers to soccer as the "fastest growing sport in the country" (see References 1). With the sport growing, so does demand for...
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How to File Timeshare Tax Deductions
Your timeshare can carry the same tax deductions as a house, as long as it's a deeded real estate interest. This means that you may be able to write off your mortgage interest as well as the property...
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Tax Deductions for Apartment Damages
When an apartment that you own as a rental gets damaged, the Internal Revenue Service allows you to write off the cost of repairing those damages. The way that you write them off varies based on the...
View ArticleCan I Claim Tax Deduction for My 1098 Even Without Paying Mortgage?
If you pay $600 or more in mortgage interest in a given year, your lender sends you a Form 1098. The form gives you a quick way to see how big a mortgage-interest deduction you can claim on your taxes....
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Tax Deductions for Buying a Bank-Owned House
When you buy a bank-owned house, the hope is that you're getting a good deal. Many bank-owned houses are priced at a discount to help the bank sell the property more quickly. In many cases, the...
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The Average Fees to Refinance
Refinancing your mortgage is a complicated enough process that, whether or not you pay the fees out of pocket, it'll be expensive. According to Bankrate.com, the national average cost of a $200,000...
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