Tax Tips - Real Estate
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Employee or self-employed?
Do you qualify to exclude your gain?
This frequently asked question and answer page provides information on allowable deductions for mortgage interest on second mortgages, home equity lines of credit, property taxes, points and more.
Watch this video to learn about reporting interest paid on a qualified residence, home equity indebtedness, debt treatment & limitations, mortgage points & closing costs and reporting interest on rental property.
This deduction provides businesses with an incentive to clean up certain sites that are contaminated with hazardous substances. Refer to the section on Environmental Cleanup Costs in Publication 535, Business Expenses.
When are you required to report rental income and expenses?
Your losses may not be currently deductible.
Taking credit for history.
Time is on your side.
Destroyed, stolen, or condemned property?
Defer your gain under Internal Revenue Code Section 1031.
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