TAX LARGIE, INC.
  • Welcome
  • Services
    • Forensic
    • Service Summary
    • Payroll
    • Tax
    • Accounting
  • Service Plan Fees
  • Tax Largie,s Blog
  • Contact Us
  • About Us
    • Mission

REAL ESTATE – Tax Deductions (Seller's Market)

7/10/2022

 
Picture
It's been a while, but all for good reason. Among many other of life's demands, my pursuit to provide you with value continues. I decided to pursue a certification in Short Sales and Foreclosures (SFR). 

Some homeowners will experience challenges along the way. While those challenges may appear to be cripplingly unwelcomed, all is not lost. Realtor Largie can help mitigate those losses and help you through these tough times. Let's talk!

Home prices! Wow! Did you notice the price of real estate increasing? Of course you did! Did you sell? If so, you probably made a lot of money.

HINT: Call your CPA and discuss tax implications NOW! Don't wait until the year is over and say, "Oh, I forgot to tell you. I sold my house for $1.5M that we bought for $400K." He or she will probably say, "Congratulations! Let's talk about how much you may have to pay in taxes." Of course, Realtor Largie is a CPA, so you and I would have that conversation automatically.

With all the talks about the soaring home prices, inflation, recession, and the like, the real estate market could have significant tax implications for all stakeholders. It’s best to talk to your CPA and plan ahead, as the lack tax planning could cost you (seller) a lot of money.

Always remember to keep good records. As the ‘tables turn’ on the sellers’ market, here are some tax benefits that you should consider:
Deductible Expenses
  • Staging, escrow, agent commissions, advertising, legal fees, seller-paid expenses, etc.
  • Improvements, repairs, etc.
  • Property taxes paid
  • Interest paid
  • Capital Gains exemption
Non-Deductible Expenses
  • Insurance (other than mortgage insurance premiums)
  • Wages you pay for domestic help
  • Depreciation
  • Utilities
  • HOA Fees
  • Repairs to Home
Naturally, this can be more complicated. For example, what if suddenly a professional athlete decides that you’re their CPA? It will be interesting to say the least to navigate their affairs optimally. 

On The Horizon: First Time Homebuyer Program
  • First Time Homebuyer Tax Credit is currently no longer available, but Congress is making efforts to introduce a new tax credit of up to $15K!
  • Fingers crossed!

Comments are closed.

    Dale Largie, CPA

    As the adage goes, "Communication is key", so I am excited about comunicating with you, as I believe it will be the "key" that unlocks doors to a productive, lucrative, and longstanding business relationship.

    Archives

    January 2023
    July 2022
    April 2021
    March 2021
    February 2021
    December 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    October 2019
    April 2019
    March 2019
    January 2019
    November 2018
    September 2018
    April 2018
    January 2018
    December 2017
    November 2017
    August 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    August 2016

    Categories

    All

    RSS Feed

Welcome

services

blog

Contact us

Copyright © 2016

Legal Disclaimer
Photos used under Creative Commons from _paVan_, 401(K) 2013, wuestenigel, Casinolobby.dk, psd, HloomHloom, nodstrum, focusonmore.com, annulla, Taymaz Valley, focusonmore.com, wuestenigel, QuoteInspector.com, DaPuglet, efile989, el cajon yacht club
  • Welcome
  • Services
    • Forensic
    • Service Summary
    • Payroll
    • Tax
    • Accounting
  • Service Plan Fees
  • Tax Largie,s Blog
  • Contact Us
  • About Us
    • Mission