Month: February 2021

Home Ownership

What Are the Tax Advantages of Home Ownership?

Housing is a big expense for everyone. The choice generally involves either renting or purchasing – and financing that purchase with a home loan. This article looks at the tax benefits and drawbacks of buying, financing, and owning a home.

selling your home

Sold or Thinking of Selling Your Home?

In spite of (or in some cases, because of) the COVID-19 pandemic, and with near-record-low home mortgage interest rates, the housing market has been booming. September 2020 existing home sales were up 9.4% from August 2020 and 20.9% from 2019, according to the National Association of Realtors. If you sold your home this year or are thinking about selling it, there are many tax-related issues that could apply to that sale. To help you prepare for reporting the sale you may have already made or make you aware of what issues you may face if you are in the “thinking about” stage, this article covers the tax basics and some special situations related to home sales and the home-sale gain exclusion.