If you or your spouse is granted use of a home as part of a divorce orseparation agreement, the spouse who doesn't live in the home can still count the days of use that the other spouse lives in that home. This can come into play if one spouse moves out of the house, but...
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A final decision is going to be made by the summer, and although critics fear this approach would create a "postcode lottery", Cornwall Insight argues this is already the case. Senior analyst Lee Drummee said: "With energy affordability under increasing scrutiny, there is a need for a broade...
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Welcome to the Money blog, Sky News' consumer and personal finance hub. Today: we speak to a Glastonbury fan after a company selling festival packages worth as much as £16,500 went bust, leaving customers out of pocket. And we have our weekly Mortgage
The basic capital gains taxes that you have to pay on the profit from the sale are increased by anydepreciationdeduction that you claimed. This means that if the property lost money and you offset the loss against your tax bill in previous years, you will have a larger tax bill when the...
However, if you convert a personal residence into a rental property and then sell it for less than the original cost, will you then have a deductible loss? Maybe. The tax basis of the rental property is the lesser of the costorthe value when it is placed in service, plus any improvem...
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When you sell an asset for more than it costs, you are liable forcapital gains tax. The asset could be shares in a company, a piece of art, jewelry, a car, or property you rented out. Suppose you bought a rental property for $300,000 and sold it for $400,000. You could ...
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