Category: Mortgage

  • Home Is Where the Tax Breaks Might Be

    Home Is Where the Tax Breaks Might Be

    If you own a home, the interest you pay on your home mortgage may provide a tax break. However, many people believe that any interest paid on their home mortgage loans and home equity loans is deductible. Unfortunately, that’s not true. Deduction and limits for “acquisition debt” A personal interest deduction generally isn’t allowed, but…

  • Selling Your Home? Consider These Tax Implications

    Selling Your Home? Consider These Tax Implications

    Spring and summer are the optimum seasons for selling a home. And interest rates are currently attractive, so buyers may be out in full force in your area. Freddie Mac reports that the average 30-year fixed mortgage rate was 4.14% during the week of May 2, 2019, while the 15-year mortgage rate was 3.6%. This…

  • Some Deductions May Be Smaller (or Nonexistent) When You File Your 2018 Tax Return

    Some Deductions May Be Smaller (or Nonexistent) When You File Your 2018 Tax Return

    While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits or eliminates several itemized deductions that have been valuable to many individual taxpayers. Here are five deductions you may see shrink or disappear when you file your 2018 income tax return: State and local tax…

  • Can You Deduct Home Office Expenses?

    Can You Deduct Home Office Expenses?

    Working from home has become commonplace. But jthe fact that you have a home office space doesn’t mean that you can deduct expenses associated with it. And for 2018, even fewer taxpayers will be eligible for a home office deduction. Changes under the TCJA For employees, home office expenses are a miscellaneous itemized deduction. For…

  • Making the Right Choice About Your Office Space

    Making the Right Choice About Your Office Space

    For many companies, there comes a time when owners must decide whether to renew a lease, move on to a different one or buy new (or pre-existing) space. In some cases, it’s a relatively easy decision. Maybe you’re happy where you are and feel like such a part of the local community that moving isn’t…