always consult with your tax adviser or certified public accountant
More Tax Advice
7 Not To Be Missed Tax Deductions: From mortgage interest to property tax deductions, here are the general tax deductions your clients need to know about.
Mortgage-Related Deductions: If your clients took out a mortgage when they purchased a home, they may be able to deduct the prepaid interest on their federal tax return, but only if they meet a list of requirements.
Tax Advice if you Sold Your Home: The money spent on so-called capital improvement could also help lower your clients’ tax bills when it comes time to sell.
Tax Benefits if you Work From Home: Working from home? This tax guide shares deduction options that could save you time and money.
Tax Tips for Rental Properties: Renting out a home can be a lot of work, but you’ll appreciate collecting the rent checks and taking advantage of these tax deductions.
How Long do you Keep Tax Records Anyway? If you’re going to file a claim or take a deduction, it’s imporant to have the paperwork to back it up. This guide let’s you know what tax paperwork to keep and what paperwork to throw away.
Source: “A Homeowner’s Guide to Taxes,” Houselogic, (Feb. 9, 2015)