Learn where you can deduct various types of interest in order to receive the maximum tax benefit, including student loan interest, mortgage interest, rents & royalties, etc.
Sale Of Residence – Tax Implications If a person owned and used a home as a principal residence for 2 of the 5 years preceding the sale, up to $250,000 of gain may be excluded ($500,000 on a joint return). This tax break may be used only once every 2 years. A taxpayer who fails […]
Home Office Deductions Taxpayers who have “paperwork only” home offices, but do their income-producing work elsewhere, can claim home office deductions starting in 1999. A taxpayer can claim the deduction if the home office is used for administrative or management work and there is no other fixed location where a substantial amount of administrative or […]