With tax season upon us again, many people are wondering when they might expect to receive their tax refund. Some people believe that getting a large tax refund is not as desirable as more accurate withholding throughout the year, as a large refund represents a loan paid back by the government interest-free. Optimally, a return […]
Selling Your Gulf Shores Home After Making Improvements
If you’re selling your Gulf Shores home after you’ve made substantial improvements, known as capital improvements, the money you spent on those improvements could help lower your tax bill when you sell. Tax rules let you add capital improvement expenses to the cost basis of your Gulf Shores home. Why is that a big deal? Because […]
Forgiven Gulf Shores Mortgage Debt Remains Untaxed for Another Year
With all the talk about the “Fiscal Cliff” approved by Congress at the 13th hour, little attention was given to a key part of the extension that prevents distressed Gulf Shores homeowners from being taxed on forgiven mortgage debt. The exception for “qualified principal residence indebtedness” was created by the Mortgage Debt Relief Act of 2007 […]
Gulf Shores Home Values Could Be Affected By Limiting Tax Deductions
Limiting real estate tax deductions could definitely affect Gulf Shores home values, and it’s an issue you’re likely to hear more about as Congress and the Obama administration continue negotiations on the comprehensive tax reform that could send the economy over the “fiscal cliff.” What Could Happen to Gulf Shores Home Values? Any significant reductions […]
Property Taxes When Buying a Gulf Shores Home
One might think that when you buy a Gulf Shores home, your property taxes will be what the previous owner paid, right? WRONG! When buying a Gulf Shores home, your taxes will most likely be higher than what the seller of that house was paying. Why Taxes May Be Higher on Your New Gulf Shores Home: […]
Tax Benefits of Owning Gulf Shores Real Estate
While there are many advantages to owning Gulf Shores real estate, the tax benefits are some of the most important to consider. For decades, the Federal Government has incentivized homeownership through tax benefits that are not available to renters. These benefits not only help reduce the homeownership costs, but also the costs of buying and […]
Gulf Shores Mortgage Tax Deductions At Risk
Gulf Shores mortgage tax deductions could be going away, all thanks to Congress’s new federal debt ceiling plan. The compromise legislation created an unusual mechanism — an evenly split, 12-member bipartisan supercommittee — that could call for major cutbacks on real estate write-offs by Thanksgiving. All it will take is a single vote by a […]
Most Gulf Shores Second Homes Will Escape New Tax
Owners of most Gulf Shores second homes will not be affected by the new 3.8 percent tax on some investment income that will take effect in January 2013. The new tax will hit those taxpayers with adjusted gross incomes over $200,000 a year ($250,000 for married couples filing jointly). Adjusted gross income is the number […]
Real Estate Surtax If You Sell Your Gulf Shores Home in 2013?
Real Estate Surtax Won’t Affect Many Gulf Shores Home Sellers When the U.S. Supreme Court upheld the health-care law in June, it rekindled an issue that had been relatively quiet for the past year: A 3.8 percent “real estate tax” on Gulf Shores home sales beginning in 2013 that is said to be buried away in the […]
Tax Advantages of Owning a Gulf Shores Home
Tax advantages of owning a Gulf Shores home are probably not the number one motivating force behind buying a home. But the tax advantages associated with owning your own home are significant, and may be a factor in your decision to buy a home. Mortgage Interest Deduction If you itemize deductions you’re generally able to […]
- « Previous Page
- 1
- 2
- 3
- 4
- 5
- 6
- …
- 13
- Next Page »