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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...

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...

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 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...

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...

What is a 1098: Home Mortgage Interest

This form shows you 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...

When do I qualify to take a deduction for the business use of my home?

If you use your home for work-related issues, you may be able to claim a deduction for the business use of your home. To qualify to claim expenses for the business use of your home, you must use part of your home...

What "Closing Costs" Can I Deduct When Purchasing a Home?

Congratulations on the purchase of your new home! When you purchased your home, you may have paid what is called "settlement" or "closing costs" in addition to the contract price. These costs are typically divided between you...

I do not own a home. I rent. Can I deduct the rent I paid?

No. You cannot deduct rent you paid while renting your home on your federal return. Some states offer a deduction for this. To see if your state offers this, you would need to contact your state directly. To locate state contact info