IRS - Articles

Avoid These Home Tax Deduction and Credit Mistakes

By G. M. Filisko As you calculate your tax returns, consider each home tax deduction and credit you are - and are not - entitled to. Running afoul of any of these 9 home-related tax mistakes - which tax pros say are especially common - can cost you money or draw the IRS to your doorstep. Sin #1: Deducting the wrong... Continue Reading »

Fiscal Cliff Negotiations Could Hurt Underwater Homeowners

By Credit.com The fiscal cliff draws closer by the day, and federal lawmakers are now trying desperately to reach an agreement that is at least somewhat palatable to both parties. Now, those negotiations might include a number of costly tax breaks designed to help consumers who owe more on their home loans than their... Continue Reading »

Expiring Tax Cut Poised To Take a Bite Out of Mortgage Settlement Payouts (Opinion)

By Adam Levin It just may become the latest outrage during a year of outrages. At the precise moment when the federal government finally delivers a modicum of justice and some economic relief to millions of homeowners victimized by the nation's largest banks, the government threatens to beat those victims over the head... Continue Reading »

Financial Nightmare Doesn't End With Foreclosure: There's the IRS

By Christopher Maag Christine, a Credit.com reader, thought that after losing her home to foreclosure, there would be no new financial shocks for a while. Then she received a letter from the IRS. "I filed my taxes in 2010 and thought everything was fine," Christine wrote in a comment to a Credit.com story, "then... Continue Reading »

Home Builder Jailed for Straw Buyer Fraud

A 60-year-old Detroit area home builder who was sentenced this week to six months in prison for mortgage fraud involving straw buyers got off pretty easy considering bank fraud is punishable by 30 years in prison and other penalties. After he has served his term, Giuseppe Cracchiolo, of Romeo, Mich., will also have three... Continue Reading »

Homebuyer Tax Credit Bills Coming Due in 2011

If you took advantage of the first time homebuyer tax credit in 2008, it's time to start repaying this interest -ree loan when you file your 2010 tax return by April 2011. But, if you used the homebuyer tax credits in 2009 or 2010, you won't ever have to repay the money unless you sell or otherwise dispose of your home... Continue Reading »

U.S. Home Sales Up -- to Australians

U.S. home sales are sagging -- but not with Australians, mate. "For the cost of a new car in Australia, you could own a home in the U.S.A," says Australian real estate agent Vincent Selleck (pictured left), who is on a campaign to recruit buyers from his country to invest in American homes that they can open up as... Continue Reading »

Corrosive Drywall? IRS to the Rescue

People stuck with homes filled with faulty Chinese drywall have gotten little help from insurers, builders, lenders or Chinese manufacturers. Now the Internal Revenue Service is stepping in to offer some financial relief. A new procedure will allow you to treat damages from corrosive drywall and write them off as a... Continue Reading »

Rent Your House as a Vacation Home for Cash

Lori McRae, a resident of Olympia, Wash., owns two vacation homes in the Lake Cushman area of the Olympic Peninsula. She and her family use one just for themselves, but the other property they use mainly as a rental. Along the way, she said, she's learned one thing about life as a vacation rental landlord: "Watch out for... Continue Reading »

Retirement Community Fees Expected to Skyrocket Due to IRS Dispute

The Internal Revenue Service wants to crack down on the billions of dollars in entrance fees held by retirement communities. In one case, Classic Residence by Hyatt, a for-profit community, might have to pay taxes on those entrance fees. In another, Mission Ridge, a not-for-profit community, might have to pay tax penalties... Continue Reading »

Bargain Huntress: 4 Places to Shop Your Tax Refund

Phew. Tax Day madness is behind us, and now that you've appeased the IRS let's direct your attention to how you're going to spend your whale of a refund. Sure, you can be a responsible adult and pay off your credit card debt or your next month's rent in advance, but that is so stereotypical! (And heartbreaking too.) You... Continue Reading »

Six Little-Known Tax Tips for Home Buyers

You may have heard by now that if you purchased a home last year and had not owned a primary residence in the previous three years, you may be eligible to claim a deduction of 10 percent of the price of your new home, up to $8,000. Or, as a repeat buyer, you might be eligible for up to $6,500. But did you know that you... Continue Reading »

How Not to Pay Taxes: Lessons from the L.A. Dodgers' Owners

How would you like to make a fortune and not pay a lick of taxes? And better yet, have it blessed by the IRS? That's what the owners of the L.A. Dodgers, the famously feuding Frank and Jamie McCourt, did. The secret comes down to owning commercial real estate, rental property, or another qualifying business property that... Continue Reading »

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