home sale

Homeowners’ Deductions for Property Taxes on Personal Residences

Deductible levies for itemizers include their payments for income taxes, sales taxes, real estate taxes and personal property taxes. But those write-offs come with strings attached as to which ones qualify, when they’re deductible and how much is allowable. You should be aware that the IRS sets traps for unwary homeowners. While the IRS says […]

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Home Sellers’ Profit Exclusions Aren’t One-Time Opportunities

The tax code authorizes “exclusions” that allow home sellers to completely sidestep federal and state income taxes on sizable portions of their profits when they unload their principal residences. The profit exclusions are as much as $500,000 for married couples who file joint returns and $250,000 for single filers and couples who file separate returns. So […]

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