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A free, comprehensive news service to keep small businesses and independent contractors posted on the latest tax developments affecting their operations.
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Real Estate
Real Estate - Home Sales Overview, #101
Summary
Over the years you’ve made capital improvements to your primary residence, and you’ve used the property for at least 2 years out of a period of at least 5 years, and have sold it. So now what? What happens now after you’ve sold your home at a profit? This brief is a summary of the tax breaks you can receive as the result of the sale of your residence at a gain. …
| Real Estate – Mortgage-Related Expenses, #102
Your home can be a shelter in more ways than one. However, in order to qualify for all of the tax benefits associated with home ownership, you must itemize your deductions, and use the long version of the Form 1040.
Mortgage Interest
Under current IRS guidelines, home mortgage interest can be deducted for up to 2 homes (one of which is designated the main, or principal, residence), as long as you meet…
| Real Estate – Rent vs. Own, #103
Small-business owners often struggle with the question of whether they should lease or buy their facility. This brief contains some pointers to help you reach a decision.
Renting and Leasing
Rental payments for the place you do business often can be deducted as a business expense. Rent is any amount you pay for the use of property you do not own. In general, you can deduct rent as an expense only if the rent…
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