Monthly Archives: March 2012

Not Realizing You Bought a Mansion – Congratulations!

Residential Real Estate Attorney Guide Buying Real Estate

Do you remember when buying a house for a million dollars really meant you were buying a mansion? Probably not. But there was a time when the “mansion tax” really meant what it was called. Now it’s just a cruel joke repeated at the closing table when buyers write out checks for 1% of the …


The IRS Limits the Interest Deduction on Non-Married Couples

Residential Real Estate Attorney Guide IRS Interest

With tax season upon us, a recent IRS ruling has important impact on a subject that will be of interest to many taxpayers who co-own property with a person who is not their spouse. First, let’s review the basic rules on home mortgage interest deduction. Taxpayers who itemize deductions on Schedule A can include interest …