Archive | Taxes RSS feed for this section

3.8% Health Care Bill Tax

Beginning 2013, the health care bill imposed a 3.8% Medicare tax on taxpayers. The good news is, the capital gains tax exclusion – $250,000 for individuals and $500,000 for couples for a primary residence remains in effect. If the net profit from the sale of a home falls below the capital gains exclusion totals, it […]

Continue Reading Comments { 0 }

Write-Offs to Consider From the Home Purchase Process

These are write-offs to consider that result from the purchase of a home. Please consult your tax preparer for professional guidance. Points: Origination fees charged as points for the use of money, (for example, to obtain a lower interest rate) are tax deductible. Origination fees that constitute a “service fee” are not tax deductible. The question […]

Continue Reading Comments { 0 }

Energy Efficiency Tax Credits

Federal Tax Credits for Energy Efficiency Congress has extended Federal Consumer Tax Credits for Energy Efficiency to 2013, along with making them retroactive for 2012. If you purchased certain energy-efficient products during 2012, or plan to in 2013, you may be eligible for a tax credit of 10% of the cost up to $500, or […]

Continue Reading Comments { 0 }

6 Tax Facts Home Sellers Should Know

1. If you’ve  have owned and lived in your home for two of the five years prior to selling it, you can generally exclude up to $250,000 of the gain from your income ($500,000 on a joint return. In most cases.) 2. You are not eligible for this exclusion of you sold another principle residence […]

Continue Reading Comments { 0 }

CAR Opposes Reduction of Mortgage Interest Deduction

California Association of Realtors’ (CAR) open letter to President Obama and U.S. Congress opposing any elimination or  reduction of the MID  While “home is where the heart is” for millions of American families, it also is where our nation’s economic recovery resides. We oppose any proposal that eliminates or alters the mortgage interest deduction (MID) […]

Continue Reading Comments { 0 }