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What else can I help you with?
Can I deduct points on a new mortgage from my taxes?
Yes, you can deduct points paid on a new mortgage from your taxes, as long as the loan is used to buy or improve your primary residence.
Can you deduct points on a mortgage when filing your taxes?
Yes, you can deduct points paid on a mortgage when filing your taxes, as long as the points were used to obtain the mortgage on your primary residence.
Can mortgage interest on second home be deducted on tax returns?
You may deduct your interest on your principle residence plus one other qualified residence.
Can a house with a second home mortgage become a primary residence?
Yes. The designation as primary residence is irrelevant to the number of mortgages.
Can I use a 1031 exchange for my primary residence?
No, a 1031 exchange can only be used for investment or business properties, not for a primary residence.
Can I deduct points on a new mortgage from my taxes?
Yes, you can deduct points paid on a new mortgage from your taxes, as long as the loan is used to buy or improve your primary residence.
Can you deduct points on a mortgage when filing your taxes?
Yes, you can deduct points paid on a mortgage when filing your taxes, as long as the points were used to obtain the mortgage on your primary residence.
Can you deduct homeowner association dues?
Usually not, since your assessments pay for services and contributions to your reserve accounts.
Is it mandatory to deduct depreciation for the purposes of income tax?
Yes, to the degree the law reads your gain will be calculated from the basis of the depreciation taken or should have been taken.
What are some phrases with the word primary in them?
primary colors primary election primary source of income primary residence or primary place of residence primary function primary caregiver
Can mortgage interest on second home be deducted on tax returns?
You may deduct your interest on your principle residence plus one other qualified residence.
Can you use your condo your primary residence for a equity line of credit?
If you live there, of course. If you do not live there, then it is not you 'primary residence'.
Do property taxes go up on your primary residence if you buy a 2nd home?
They are independent properties and there should be no effect on taxes on the primary residence as long as it continues to meet the requirements for a primary residence.
Can a house with a second home mortgage become a primary residence?
Yes. The designation as primary residence is irrelevant to the number of mortgages.
Can I use a 1031 exchange for my primary residence?
No, a 1031 exchange can only be used for investment or business properties, not for a primary residence.
Is section 179 still valid for taxes Can you still deduct equipment?
Yes. Very much so. It isn't that you can deduct equipment..it is (and was) that you can currently expense (rather than capitalize, and deduct through depreciation over years), up to an certain amount. That amount is being substantially increased.
Can you deduct the loss of a home sold in 2005 that was not a primary resident but a rental property?
The question is not whether the home was a primary residence, but whether the home was used for personal purposes. It doesn't matter if it was a primary residence, secondary residence, summer cottage, weekend retreat or whatever. If you used it for personal use, loss is not deductible. Since you say it was a rental property, it was not a personal use property. So you can take a capital loss if it applies. But in determining if you had a loss remember that you have to account for depreciation you took (or could have taken) when you owned it. If you failed to properly claim a capital loss in 2005, you need to hurry. The deadline for almost everyone to file an amended 2005 return and get a refund is April 15, 2009, which is about a week and a half from now. You cannot claim the original loss on your 2008 return. You have to file an amended 2005 return to do it.
