Though most home-sale profit is now tax-free, there are still steps you can take to maximize the tax benefits of selling your home. Learn how to figure your gain, factoring in your cost basis, home improvements and more.
And if you got at least $20 in gratuities in December for your extraordinary services as a food server or hair stylist or parking valet or whatever job where tipping is common, you must report that amount by today. Use Form 4070 to let your employer know the total tips you took in last...
If you have installed energy-efficient upgrades, research and verify what residential energy credits you qualify for. You may be surprised to discover how much of a break you get for your improvements. You’ll usetax form 5695 residential energy creditswhen figuring your taxes. These tax breaks ...
Save receipts and records for all improvements you make to your home, such as landscaping, storm windows, fences, a new energy-efficient furnace and any additions. You can't deduct these expenses now, but when you sell your home the cost of the improvements is added to the purchase price ...
This big shopping day can be a great time to save money on all kinds of purchases – from the comfort of your home. Erica SandbergNov. 25, 2024 Start Your Holiday Shopping Early Early bird shoppers can get the best selection and avoid crowds. ...
Suppose you purchase a new condo for $300,000. You live in it for the first year, rent the home for the next three years, and when the tenants move out, you move in for another year. After five years, you sell the condo for $450,000. No capital gains tax is due because the pr...
The Multistate Tax alert archive includes external tax alerts issued by Deloitte Tax LLP's Multistate Tax practice during the last three years.
“Points will also be reported on Form 1098 from your lender or your settlement statement at the end of the year,” she says, adding that the rules for how you deduct points are different for a first purchase or a refinancing. Property Tax Deduction Property tax deductions are availabl...
Affordable and close to home, Mexico has long been a favorite retirement destination for Americans. Kathleen PeddicordNov. 1, 2024 10 Ways to Maximize Social Security Retirees shouldn't overlook these ways to get the most from their monthly benefit. ...
Click for more information. This program is included with the Strafford All-Access Pass. Click for more information. This course will provide tax advisers and professionals with a thorough and practical guide to preparing Form 1040NR, U.S. Nonresident Alien Income Tax Return. The panel will ...