Some improvements are likely to increase your home’s value. However, others may actually decrease potential buyers’ interest in your home. So, put away your toolbox until you know more about projects that typically don’t pay. Too Much Improvement When you remodel your house, it should be in keeping with your neighborhood. Having your house stand […]
Tax
Does The Sale of Your Home Qualify For A Federal Income Tax Exclusion?
So, you’ve sold your home and made a nice profit on the sale. Now you may be wondering if Uncle Sam is entitled to a cut of this profit. Although gain on a home sale is potentially taxable, you may qualify for a federal income-tax exclusion. The Rules in General If you’re a single taxpayer, […]
Know Your Tax Requirements for Your Rental Properties
For years, owners of rental properties that show a tax loss have had to contend with the tax law’s “passive loss” limitations. With limited exceptions, real estate rental losses may be used only to reduce passive income — the rental losses are not currently deductible against nonpassive income, such as salary. Now, owners of real […]
Must-Know Rules for the Self-Employed
If you’re in business for yourself, you know how challenging it can be to run your business and keep on top of your tax situation. Here’s a refresher on the tax rules you need to be aware of if you’re a self-employed sole proprietor or are thinking of becoming one. Income Taxes As you probably […]
How Does Refinancing Your Home Affect Your Taxes?
As the real estate market improves and mortgage rates remain low, many homeowners are considering refinancing their home mortgages. Following are some of the general tax rules for deducting the charges associated with refinancing. Roe CPA, P.C. is an Atlanta CPA Accounting Firm that can help you with all your real estate tax and accounting […]
IRS Going After Golf Courses for Tax Deduction
It’s getting much tougher to successfully claim a charitable deduction for a conservation easement. Unfortunately, this will further erode the construction of new golf course projects in 2016 and beyond. Typically, a new golf course project will make consideration plans to conserve and protect the natural habitat of fish, wildlife, and natural ecosystem by preserving […]