It states that the credit is available for a home purchased after April 8, 2008, and before July 1, 2009, but vacation homes and rental properties are not eligible for the credit. It notes that only taxpayers who are first-time home buyers or those who have not owned a home in three ...
If you sell your property at a profit, you can defer the amount of your gain by using the proceeds to buy like-kind property under the IRS' Section 1031 Rules. These rules permit taxpayers to defer any gain on the sale of certain kinds of property if they use the proceeds to purchase ...
Pub 929 Tax Rules for Children and Dependents Pub 936 Home Mortgage Interest Deduction Pub 946 How To Depreciate Property Pub 969 Health Savings Accounts and Other Tax-Favored Health Plans Pub 970 Tax Benefits for Education Pub 972 Child Tax Credit With TurboTax Live Full Service, a local expert...
An IRS rule can sometimes be used (but not abused) to claim tax-free rental income on your home.
You must complete IRS Form 5695 if you qualify to claim the non-business energy property credit or the residential energy-efficient property credit.
While most IRS agents act very professional and follow the rules, there are some IRS agents that abuse their position. One IRS agent fromCaliforniawas indicted for suggesting to delinquent taxpayers to refinance their mortgage to obtain the necessary funds. It turned out he was getting money from...
Negligence or a lack of effort in complying with tax rules Tax fraud or intentionally underpaying taxes Failing to pay penalties and interest on unpaid taxes How to avoid being a target of an IRS audit If you don’t want to become a target of the IRS, keep in mind a few of the factor...
As a result, there are some special rules and considerations for claiming these expenses on Form 8829 and Schedule A. For example, you can’t claim both itemized deductions and the Standard Deduction on the same tax return. However, this rule doesn’t prevent you from reporti...