Foreclosures, repossessions, voluntary conveyance, and bad debts have tax consequences for both the creditor and the debtor. In the event of default, the lender may seize or restructure...
Posted by Dennis Jao on 01/17/2023
Paying tax is not a feeling any taxpayer likes. Having your income after working for a month or having a personal savings slash is no joke. The anger has pushed most taxpayers into...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 12/08/2022
Double your tax return with these credits!What's the sweetest thing about doing your taxes? Watching the amount you owe drop drastically and the amount you get back skyrockets!But...
Posted by Tiffany Gaskin on 09/30/2022
Except when you are selling for financial distress, selling the home is expected to yield a lot of profit for you. But there's a pitfall: capital gains tax. So many homeowners...
Posted by CORE PERFORMANCE on 05/09/2022
Individuals can exclude up to $250,000 of income from capital gains tax on the sale of their primary residence, thanks to the Internal Revenue Code (IRC) exclusion of home sales. Married...
Posted by Elliot Kravitz, ATP on 06/11/2021
While many people might not realize, there are amazing tax benefits of purchasing a house. Two significant advantages are the property tax deduction and the mortgage interest, which...
Posted by Karen Munoz, EA on 05/19/2021
One might desire to purchase a new house, and with money available, paying in cash might seem like the best option. While this appears promising, it is not always easy to decide the...
Posted by Stevenson Tax and Accounting, Inc. on 03/28/2021
Getting paid for goods and service means one will pay income taxes on the value received. This is valid for every form of earning, alongside any interest coming from the investment....
Posted by Schneiderman and Friedman on 02/23/2021
Will you pay taxes on the sale of your home? Probably not, unless you have an income over $ 250,000 or over $ 500,000 for couples. But before we continue, let's take a look at...
Posted by Flynn Financial Group Inc on 08/13/2020
