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Selling Your Home

a profit ? Generally, you have made a profit if the selling price of your home is greater than the price you paid to purchase the home. That profit, considered a capital gain, is subject to income tax. However, under certain circumstances

Enter the State of your home of record

Your home of record is the state you consider your permanent home even when you are absent. This is usually the state where you joined the military unless you made an official permanent change of home of record with the military pesonnel

Did you dispose of your home in a prior year?

If you received the First-Time Homebuyer Credit when you purchased your home, you may be required to pay the remaining amount due when you dispose of your home. The term 'dispose' indicates when the home was no longer considered to be your

Please explain all of the deductions that are available related to my home.

Mortgage Interest Paid: Generally, any interest that you pay on a home mortgage can be deducted on your return as long as 1. The proceeds from the mortgage were used to buy, build, or improve your home AND 2. The loan is secured by your

Business Use of Your Home - What expenses can be deducted?

There are 2 types of expenses that you can deduct: Direct Expenses and Indirect Expenses. Direct Expenses are those expenses that are paid only for the business part of your home. For example, if you pay for painting or repairs only

Do I qualify for either the Maximum Exclusion or the Reduced Maximum Exclusion for the sale of my home?

#] will calculate the exclusion from the information provided. Maximum Exclusion The maximum exclusion is the maximum amount of the profit that you made from selling your home that you can exclude from your income. Generally, this is $250,000 ($500,000

Business Use of Home (Overview)

Whether you are self–employed or are an employee, you may be able to deduct certain expenses for the part of your home used for business despite the general denial of business expense deductions for the home. To deduct expenses

What is a 1098: Home Mortgage Interest

The Form-1098 reports the home mortgage interest that was paid on your home throughout the current tax year. For an example of this form please click on the link below. Form 1098 sample Form 1098 instructions

Kentucky New Home Tax Credit

The New Home Tax Credit is a nonrefundable income tax credit effective July 26th, 2009, and applies to a “qualified buyer” who purchases a “qualified principal residence”. If you completed an Application for New Home Tax Credit (Form

How to Amend your return to claim the First-time Homebuyer’s Credit

for this credit . For all information and to see if you qualify for the First Time Homebuyers Credit , please visit Publication 530 , Tax Information for Homeowners Publication 523 , Selling Your Home Publication 17 , Your Federal Income Tax