This article was published by the IRS. Owning a home costs money, but there are tax benefits available to help homeowners save on some of common costs of homeownership. Homeowners should review the tax deductions, programs, and housing allowances to see if they are eligible. Deductible house-related expenses Most home buyers take out a mortgage to [...]
This article was published by the IRS. Tax records are not a first priority for those affected by natural disasters nor should they be. However, these records may be necessary to get federal assistance or insurance reimbursement. It is important for victims of a disaster to reconstruct their records to help prove and document their losses. [...]
Do you own a vacation home you sometimes rent to others? If so, there are rules on reporting your rental income and expenses. For example, if you rent out your vacation home only for a short time (fewer than 15 days a year), you may not have to report it at all. That means generally, if [...]
You may be able to claim a refundable credit on your MA personal income tax return. The circuit breaker tax credit is based on the actual real estate taxes or rent paid on the Massachusetts residential property you own or rent and occupy as your principal residence. The maximum credit amount is determined each year. If [...]
This article was published by the IRS. It's important for taxpayers to understand how selling their home may affect their tax return. When filing their taxes, they may qualify to exclude all or part of any gain from the sale from their income. Here are some key things homeowners should consider when selling a home: Ownership [...]
