REALTORS® can get answers to some of the most anticipated tax questions through a series of online articles provided by houselogic.com.
Read articles about tax deductions for state and local taxes, mortgage interest, closing costs and rental property, along with advice about which tax records to keep.
In “Tax Deductions for Homeowners: How the New Tax Law Affects Mortgage Interest,” the author explains that even though some homeowners won’t be able to write off their property taxes and their mortgage interest, everyone will have a larger standard deduction on their income taxes. The change won’t necessarily mean homeowners will pay higher taxes, says Evan Liddiard, a CPA and director of federal tax policy for the National Association of REALTORS®. “It just means that they’ll no longer get a tax incentive for buying or owning a home.”
In “Are Closing Costs Tax Deductible Under the New Tax Law?” the author explores the pros and cons of itemizing.
In “Rental Property Tax Deductions,” landlords can see which items are tax deductible and get guidance about repairs, depreciation, profits and losses.
In “How Long to Keep Tax Records: A Checklist,” IRS rules are explained, and separate charts are provided in three categories:
- Insurance and Warranties,
- Investment Real Estate Deductions and
- Miscellaneous Records.