In my opinion, the capital gains tax exclusion that was granted to homeowners under the Taxpayer Relief Act of 1997, is the single best, wealth-building opportunity, that’s ever been made available to the average American. That’s because, under Section 121, of the Internal Revenue Code, a single homeowner can exclude, up to $250,000, from [...]
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I first wrote an article on this topic a little over two years ago as the foreclosure rate was rising and borrowers were concerned about where they stood with the IRS with regard to “mortgage forgiveness”. Well, here we are today with the same issues looming over many people, so I thought I would [...]
Dennis Norman Time is running out to take advantage of two tax credit programs that are a result of the expanded recovery act: The “Nonbusiness Energy Property Credit” and “Residential Energy Efficient Property Credit” programs both offer homeowners the opportunity to receive tax credits for energy-efficient upgrades, but the programs end this year. [...]
Dennis Norman Hi, I’m from the IRS and I’m here to help you :)
This time it’s true….today the The Internal Revenue Service (IRS) issued guidance providing relief to homeowners who have suffered property losses due to the effects of certain imported drywall installed in homes between 2001 and 2009. IRS Revenue Procedure [...]
Dennis Norman As the real estate market and industry continues to struggle to try to pull out of the dumps, another blow could come soon from Congress in the form of new tax burdens on real estate. Congress is proposing that all owners of rental properties be required to complete and file 1099 forms [...] First-Time Homebuyer Credit Extended to April 30, 2010; Some Current Homeowners Now Also Qualify WASHINGTON — A new law that went into effect Nov. 6 extends the first-time homebuyer credit five months and expands the eligibility requirements for purchasers. The Worker, Homeownership, and Business Assistance Act of 2009 extends the deadline [...] The IRS doesn’t restrict the home definition to just houses. A business that operates in an apartment, condominium, mobile home, or boat can qualify. The home definition also includes unattached structures on the property, like a garage, studio, barn, or greenhouse. Requirements Checklist Ask yourself the following to see if you are eligible for [...] Dennis Norman Time is running out for first time home buyers to take advantage of the $8,000 first-time home buyer credit which, absent an extension from Congress, will expire December 1, 2009. According to the IRS, 1.4 million families to date have taken advantage of the tax credit. If you have buyers or potential [...] |
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