While the tax deduction for home mortgage interest is as American as apple pie, the recipe can be very complicated. The home mortgage interest deduction is an example of a simple general rule with extensive and complicated exceptions. In the good old days, people simply deducted interest that they paid. There was no distinctio...
Deferring the recognition of income taxes under IRC Section 1031 was the rage in the real estate boom years. While the real estate market has cooled it is still important to know about like kind exchanges (“1031 Exchange”). First, you or some of your Clients may own properties that were acquired in a 1031 Exchange. Second, de...
The general rules and guidelines of IRC Section 1031, Like-Kind Exchanges were presented in Part 1, in the August, 2009 edition of FlashPoints. This Part 2 follows the Section numbering and terminology from Part 1. Selected Issues: There are many detailed requirements to accomplish and then retain the benefits ...
There is a well publicized $8,000 Federal Income Tax incentive available to first time home buyers. This incentive is designed to encourage people to purchase principal residences. It not only helps those who want to own their own home but also helps stimulate the residential real estate market overall. Th...
