Taxes
The IRS Limits the Interest Deduction on Non-Married Couples
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 …
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A Sales Tax on Real Estate Sales? Yes, Well Sort of…
The internet can be great for providing information on any number of subjects. And real estate is among the most popular, with “experts” weighing in on any issues raised by (confused) consumers. Recently, there has been a flurry of activity offering “guidance” on the new 3.8% sales tax on real estate. Much of the “analysis” …
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Legal Update: Flip Taxes and Fannie Mae / Freddie Mac
Sometimes government’s attempt to resolve problems unintentionally overreaches, and has an unintended impact. That is the case with a recent round of proposed rule-making from the Federal Housing Finance Agency (the regulators of Fannie, Freddie, and 12 other Federal Home Loan Banks). FHFA was trying to redress abuses by unscrupulous developers (imagine that) who were building and …
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New York State Tax Department and the Second Home
So unless you have been on a desert island for the last week with no internet access, you have likely heard about the case involving the Connecticut couple that just lost a tax appeal to the tune of about $1 million in back taxes, interest and penalties. The case hinged around a second home they …
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