Property Taxes

After weeks of negotiations between the House and the Senate, Congress finally passed tax legislation designed to lower taxes and stimulate the economy. President Trump signed the Tax Cuts and Jobs Act on Friday, December 22 – right before leaving for the Christmas holiday. As a homeowner, did this bill leave financial presents under your
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“I love paying my property taxes! I wish I could pay even more!” — said no one, ever. Property taxes are one of the necessary but unpleasant side effects of home ownership. Personal Finance Expert and Author Jordan Goodman (aka America’s Money Answers Man) notes that new homeowners often underestimate the amount of property taxes,
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When people think of tax shelters, they sometimes think of Swiss bank accounts, shady overseas investments, or fraudulent or questionable activities by wealthy but unscrupulous businessmen. That is an unfair characterization. The TurboTax website sums it up nicely – “A tax shelter is any legal strategy (that) you employ to reduce the amount of income
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Your home is your castle, and it is also a source of tax deductions. Yet, every year, Americans let these potential tax deductions pass by, not realizing how to take advantage of them. IRS Publication 530, titled “Tax Information for Homeowners”, can fill you in on the deductions that are available to you for the
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When most of us think of mobile homes, we don’t think of high-end features, gazebos, and a deck featuring a stunning ocean view. We also don’t think of them being worth $5.3 million. Welcome to Malibu, where upper-end mobile homes can be built out like luxury beachfront homes of traditional construction while offering the same
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For many homeowners, paying off a mortgage occurs only once in their lifetime. Taking on a large debt, especially one that lasts for thirty years, is a substantial commitment that deserves to be celebrated once it’s over. However, once the celebration is done, it’s important that homeowners take the time to make certain that they
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As the tax filing deadline looms, many Americans continue to prepare and file their annual income taxes. For the 86 million taxpayers who own their homes and have a mortgage, there are several different tax deductions they can take advantage of, including deducting their mortgage interest and the insurance premiums of any private mortgage insurance.
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It sounds like a great idea – purchase a vacation home in your favorite destination and recoup some of your costs by renting the home out when you are not using it. This can be an excellent choice, but investigate the tax issues that are associated with vacation/rental homes before you purchase. The tax concerns
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