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What else can I help you with?
Can you claim closing cost of house on tax?
You add the closing costs to your basis.
Can the cost of renovation be deducted from capital gains?
Yes, the cost of renovation can be deducted from capital gains when selling a property, as long as the renovations are considered capital improvements that add value to the property or extend its useful life. These costs can reduce the property's adjusted basis, which in turn lowers the taxable capital gain. However, routine maintenance and repairs that do not enhance the property's value cannot be deducted. It's advisable to keep detailed records of all renovation expenses for tax reporting purposes.
If you get cash from a 2nd mortgage loan for a rental property can you add the cash amount to your cost basis and depreciate it even if you use the money for personal use?
No for many reasons. One, you depreciate tangible assets...a loan is not an asset...if you purchased additions to the property, those would be assets you could depreciate. Cash is intangible. If anything, taking money out of a property would decrease your basis, not increase it! You create the depreciable asset by buying it...not the opposite. You understand you have to recapture depreciation at ordinary rates on sale too, don't you?
What are the eligibility criteria for claiming the home improvement loan interest deduction on my taxes?
To claim the home improvement loan interest deduction on your taxes, you must meet the following criteria: the loan must be used to make improvements to your primary or secondary residence, the loan must be secured by your home, and the improvements must add value to the property.
How to calculate the budget for a house purchase?
To calculate the budget for a house purchase, add up your total savings, income, and any financial assistance you may receive. Subtract your expenses and debts to determine how much you can afford for a down payment and monthly mortgage payments. Consider additional costs like property taxes, insurance, and maintenance. It's important to be realistic and ensure you can comfortably afford the total cost of homeownership.
If you add a patio to your home will it raise property taxes?
If it increases the value of your home, yes. If not, no.
Can you claim closing cost of house on tax?
You add the closing costs to your basis.
Does it cost money to buy a phone then add it to your plan?
For Verizon it is about 10$ but there is still taxes
How much does the europass cost?
The cost of the Europass is always changing as many European countries are imposing austerity measures which add value added taxes to the cost of the Europass.
Does an above ground pool raise your property taxes?
Yes, an above ground pool can potentially raise your property taxes. When you add a pool, it may increase the overall value of your property, which tax assessors take into account when calculating property taxes. However, the extent of the increase can vary based on local regulations and the specific market conditions in your area. It's advisable to check with your local tax assessor’s office for specific guidelines related to property improvements.
A 250000 house adding a 50000 pool Would my house value then be 300000?
No, it doesn't work that way. A pool certainly adds value, but there are no improvements that can be made to a home that are 100% added to the value of the home. I've heard that a kitchen remodel can add about 60% of the cost to the value. My guess is that you would be lucky to add 50% of the cost of the pool to the overall value of the property. Two other things to remember: Some people don't like pools and in their eyes it would decrease the value of the property. You don't want your property to go up by $50k, because your property taxes will go up as well!
What is the cost of IRS errors?
If you do your own taxes and make an error, the IRS can add penalties and interest. The actual cost can vary depending on how much you owe the IRS.
Can the cost of renovation be deducted from capital gains?
Yes, the cost of renovation can be deducted from capital gains when selling a property, as long as the renovations are considered capital improvements that add value to the property or extend its useful life. These costs can reduce the property's adjusted basis, which in turn lowers the taxable capital gain. However, routine maintenance and repairs that do not enhance the property's value cannot be deducted. It's advisable to keep detailed records of all renovation expenses for tax reporting purposes.
What are two major costs of owening a home?
Two major costs of owning a home are mortgage payments and property taxes. Mortgage payments typically include principal and interest, and can significantly impact monthly budgets. Property taxes, which vary by location, can also be substantial and are often based on the assessed value of the home. Additionally, homeowners must consider maintenance and repair expenses, which can add to the overall cost of homeownership.
Why should you add indirect taxes and depreciation?
why should we add indirect taxes and depreciation?
How do you figure the Cost Basis of a mutual fund that has dividends reinvested and has many check redemptions for 30 years?
Every check redemption would have required the calculation of cost basis, so the problem can't be very difficult. Start from the last time the basis was calculated and add all of the interim investments.
If you get cash from a 2nd mortgage loan for a rental property can you add the cash amount to your cost basis and depreciate it even if you use the money for personal use?
No for many reasons. One, you depreciate tangible assets...a loan is not an asset...if you purchased additions to the property, those would be assets you could depreciate. Cash is intangible. If anything, taking money out of a property would decrease your basis, not increase it! You create the depreciable asset by buying it...not the opposite. You understand you have to recapture depreciation at ordinary rates on sale too, don't you?
