Real Estate Deductions

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Real Estate Deductions

Post  rohit123 on Fri Jun 08, 2012 5:54 am

Real estate deductions available to people who use part of their home as an office, if they use it for work purposes only. In this case, the percentage of the home that is taken up by the office is the percentage of utility and repair bills that can be deducted. These household costs cannot be deducted under other circumstances. Home repairs and upgrades are tax-deductible in many cases. For example, if your home is damaged in a natural disaster or a robbery, and the damage is not covered by insurance, the repairs are fully deductible. In the case of a natural disaster area that receives federal aid, the previous year’s tax return can be amended to claim the loss. If the damage is partially covered, some rules do apply, but there is usually still a deduction available. Home improvements may also qualify, so it’s a good idea to keep the receipts from purchases that allowed you to finish a basement or install a backyard pool, as these can be used to reduce the capital gains tax that applies when you sell the home.
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Re: Real Estate Deductions

Post  villa on Wed Feb 20, 2013 11:09 pm

Thanks for providing nice tips about real estate.

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Re: Real Estate Deductions

Post  Felix07Richerd on Thu Jun 06, 2013 3:09 pm

Nice article, It is good to understand how to invest and also about the saving in capital gains tax, As I know if we'll invest our money that we get by sell a property than capital gains tax are not applicable but there is a limitations of time period.

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