Category Archives: Property

Real Estate Activity

Today TaxMama hears from Jean in Texas who asks. “How can I assure I meet the qualifications of a real estate professional. I am a landlord, not a real estate broker or agent.”

Ameridream Come True

Today TaxMama hears from Anita in Florida, who says. “I recently sold a rental property. The buyers used a down payment assistance program called Ameridream®. The literature I received from Ameridream® says the fee that I paid as part of closing costs ‘may be able to be deducted as a selling expense’. I can’t find […]

Sale Of Your Home

Courtesy of the Internal Revenue Service TT-2008-54 If you have a gain from the sale or exchange of your main home, you may be able to exclude all or part of the gain from your income. Individuals may be able to exclude up to $250,000 of capital gain, and married taxpayers filing joint returns may […]

Assessor vs FMV

Today TaxMama hears from Tim in California with this issue, “Can we use fair market value (FMV) to determine land valuation, leaving the rest of the purchase price as the value of the new rental house, for depreciation purposes? The assessor’s ratio usually isn’t in our best interest.”

Inherited House

Today TaxMama hears from Don in Texas who tells us, “My brother and I inherited a house in 2004 from my aunt. Neither of us have ever lived in the house, nor have we rented it out. We sold the house in 2007 for $10K less that the FMV upon the death of my aunt. […]

Special Web Section for Homeowners Who Lose Homes; Foreclosure Tax Relief Available to Many

Courtesy of IRS IR-2007-159, Sept. 17, 2007 [TaxMama note: This is a resource we requested from IRS at a Stakeholder meeting earlier this year. IRS put it together quickly, in view of all the sub-prime loan defaults. Incidentally, you will also find some simplistic formulae to help with your computations of the tax effects.] WASHINGTON […]

Selling Your Home

Courtesy of IRS – STT-2007-22 During summer months many people sell their home and move to a new location. Many of those individuals will make a profit on the sale and still will not have to pay a single dime of additional income tax to the IRS. Generally, you have made a profit if the […]

Sales Tax on Lot

Today TaxMama hears from April in NJ who has this question. “We plan to buy a lot from our friend. We are buying it for $150,000. Do we just pay him the $150,000? Or do we have to add our state’s 7% sales tax on to the price?”

Parents Property Exempt

Today TaxMama hears from Vivian in California who asks. “How do I get my parents property exempted from taxes? They are both retired & on Social Security. My dad has been on disability for years.”