Category Archives: Property

Clergy Home Building

Today TaxMama hears from the Minister’s wife in Kentucky, who tells us, “My husband’s housing allowance is exempt from taxes. We are currently building a home, while temporarily living with relatives until its completion. Will we be able to deduct any of the expenses from the construction of this new home? For example, we’re already […]

Like-Kind Exchange Rules Do Not Apply to Vacation Homes

By David & Mary Mellem, EAs Mr. & Mrs. Moore purchased real estate (vacation home) in 1988. This property was located approximately 3 hours from their principal residence. About 1996 they changed their principal residence to another city in the opposite direction from the vacation home. Due to the longer travel to get to the […]

What’s Wrong with the “New” Missed Fortune 101?

Free Webinar Who: Roccy DeFrancesco, JD, CWPP™, CAPP™, Founder of The Wealth Preservation Institute What: What’s Wrong with Missed Fortune 101 and Learning Equity Harvesting the “Correct” Way When: July 11, 2007 3:00 pm EST. Register: send email to info@thewpi.org with WEBINAR in the subject line What’s Wrong with the “New” Missed Fortune 101? (aka, […]

Building a 1031 Exchange

Hi! It’s TaxQuips time from TaxMama.com. Today TaxMama hears from Sandy in Alabama who tells us. “I want to sell a rental house via a Sec 1031 exchange. Then I want to use the money, which will be in my attorney’s account, to add on to another rental house and/or build another rental house. Of […]

Sub-Divide Personal Residence

Today TaxMama hears from Scott in Connecticut who tells us. “I have a primary residence which I have occupied for more than 2 years. I‘d like to divide the property and sell some of it. How will the proceeds be treated from a tax standpoint?”

1031 Exchange

Today TaxMama hears from Gaetano in the Tax Parlor, who asks “When you do a section 1031 exchange for investment real estate are you “required” to use a qualified intermediary to receive the funds from the sale of the first property or is this just an advisory to make sure you do the exchange within […]

Mobile Home Rent

Today TaxMama hears from Angie in the Tax Parlor who says, “I purchased a manufactured home last year. Is the rent I’m paying on the land deductible in any way? I use Turbo Tax since it is more affordable for me and I don’t see this any where in there.” Hi Angie, Nope. Not a […]

Land Interest

Today TaxMama hears from Phillip in the Tax Parlor who wants to know, ” My wife and I purchased land with the intent to build on it. We have been paying on an interest-only land loan for over a year. Can I deduct this interest for 2006? We have a home already in which we […]

Dad’s Home

Today TaxMama hears from Christine from Yahoo! who tells us, ” My dad passed away in Aug 2005. He left me his mobile home, on which he still owed $48,000. The finance company sent me a tax form showing how much interest I paid on the loan. But it shows my dad’s Social Security number. […]

Married with Property

Today TaxMama hears from Marti in the Tax Parlor, who tells us , “I recently got married and we are trying to figure out the best ways to save money on taxes. We sold a property and plan to use the criteria for paying no capital gains on it. We own another property together and […]