Everything you need to know about real estate and taxes.  Find out whether your mortgage interest is tax deductible, which closing costs you can deduct, and any changes to the tax law that could affect your home buying decisions.

Found 3 entries about Taxes.

By: Donna Fuscaldo

Home Office Tax Deduction

One way lets you deduct home office expenses easily; the other is harder but might mean a bigger deduction.

If you're self-employed and work from home, you may be able to save some bucks at tax time by using the home office tax deduction. (If you work from home as an employee because your boss lets you telecommute, you can't take the home office deduction.) Here are two ways to claim it:

1. The complicated way. Fill out IRS Form 8829 — all 44 lines of it. Figure the proportion of your home's overall space devoted to your office and then calculate how much of your overall home expenses went toward your home office. Lots of math happening here.

An example: If your home office takes up 300 square feet in a 3,000-square

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Article From HouseLogic.com

By: Leanne Potts
Published: December 21, 2018

Closing Costs Tax Deductible?

Here's the scoop on what's tax deductible when buying a house.

Are closing costs tax deductible? What about mortgage interest? Or property taxes? The answer is, maddeningly, "It depends."

Are closing costs tax deductible? What about mortgage interest? Or property taxes? The answer is, maddeningly, "It depends."

Basically, you'll want to itemize if you have deductions totaling more than the standard deduction, which is $12,000 for single people and $24,000 for married couples filing jointly. Every taxpayer gets this deduction, homeowner or not. And most people take it because their actual itemized deductions are less than the standard amount.

But should you take

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Article From HouseLogic.com

By: Leanne Potts
Published: December 21, 2018

New Tax Law Real Estate

Tax changes for 2019 change the landscape for homeowners.

Tax season is upon us once again, and to make it even more interesting this year, the tax code has changed -- along with the rules about tax deductions for homeowners. The biggest change? Many homeowners who used to write off their property taxes and the interest they pay their mortgage will no longer be able to.

Tax season is upon us once again, and to make it even more interesting this year, the tax code has changed -- along with the rules about tax deductions for homeowners. The biggest change? Many homeowners who used to write off their property taxes and the interest they pay their mortgage will no longer

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