Home Income Tax Issues – Quick Intro

Home Income Tax Issues – Quick Intro

By: Martin M. Shenkman, CPA, MBA, JD

HOME INCOME TAX ISSUES Introduction. The major tax planning issues to be addressed are when and how a client can plan the selling and buying of a personal residence, and how he can finance the acquisition or ownership in a manner that will result in the most favorable tax consequences while still meeting the client’s objectives.  Some of the rules regarding these issues include the following:

  • The deductible expenses related to financing a house (house mortgage interest).
  • Property tax deduction.
  • The exclusion of $250,000/$500,000 gain on the sale of the house.
  • The deductibility of certain expenses related to moving to a new residence where the move is work related.
  • Special tax breaks enacted to address the sub-prime housing problems, including rules for clients losing a home in foreclosure or otherwise, deductions, credits, etc.
Some of these issues are elsewhere in this website. Bear in mind that a host of new tax, other home ownership and “help” provisions have, and will be enacted that are not reflected in this website at this time.

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