March 19, 2012 - Tax Smarts Mean Big Savings - Review the entire article below.
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Foreclosure.com March 19, 2012 - Tax Smarts Mean Big Savings
Tax is an unavoidable part of life, but a little bit of knowledge in the area of taxes can help save you big when it comes to buying and selling real estate.
Here are a few tips you can use to save money on your next real estate deal:
Primary Residence vs. Income Property
When you sell an income property, you may be subject to a capital gains tax to the tune of 30 percent. When you sell your primary residence, typically you are exempt from capital gains tax.
If you are planning to sell an income property, speak to a tax advisor about your options for deferring, reducing or eliminating your capital gains tax. There are legal ways to be able to declare your income property as your primary residence, for example, or "cancel out" your capital gains tax by buying another property within a certain window of time.
Mortgage Forgiveness Debt Relief Act
The Mortgage Forgiveness Debt Relief Act was enacted in 2007 to help foreclosure victims. Typically, whenever any kind of debt is forgiven, you are required to report the amount forgiven as income - and that makes it taxable.
To avoid putting additional financial burden on foreclosure victims, the Debt Relief Act allows people who have had loan modifications or similar actions taken to not claim their debt relief as income. This program expires at the end of 2012, though, so you need to act quickly to be able to take advantage of it.
Tax Advantages for Buyers
Buying a home offers a lot of tax advantages over simply renting. If you are purchasing a home, you may qualify for all kinds of tax incentives to help save you a lot of money on your next income tax return.
When purchasing a property, be sure to speak to your accountant or tax advisor about the tax deductions available to you. The government programs available to home buyers are changing all the time. Get the expert advice you need to make sure you don't miss out on the tax savings you deserve.
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