Real Estate Tax Information
I have compiled some resources on real estate related tax considerations below. These links to the Internal Revenue Service web site can provide you with important information about the taxes you may be subject to or tax deductions you may qualify for. (Please keep in mind that the following links are for information purposes only. I recommend you consult with a qualified tax advisor before you make any decisions that will affect your taxes.)
Tax Information for First-Time Homeowners
This is worth looking at. The IRS provides information every homeowner should know. For example, in order to correctly figure your gain or loss if you later sell your home, you must understand the starting point and what adjustments to add or subtract to keep up with your basis and adjusted basis. What you can and cannot deduct is also covered.
Like-Kind Exchanges - Real Estate Tax Tips
Under Internal Revenue Code Section 1031, no gain or loss is normally recognized when you exchange business or investment property solely for business or investment property of a like-kind.
Topic 701 - Sale of Your Home
Here the IRS tells you when you can exclude from income any gain from the sale of your main home.
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