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Homeowners Tax Breaks Yor complete Guide to finding hidden gold in your home - Lassers J.K.

Lassers J.K. Homeowners Tax Breaks Yor complete Guide to finding hidden gold in your home - Wiley Publishing, 2004. - 258 p.
ISBN 0471444332
Download (direct link): lassershomeownerstaxbreaks2004.pdf
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V
VA funding fees...............9
W
What you can and cannot deduct ....................2
234
Index
AARP website, 173 Acquisition indebtedness, 19-21 Adjusted basis value, gain in excess of, 88-89 Adjusted gross income,
165
Alternative minimum tax, real estate tax prepayment and,
19
Appraisal: for casualty loss deduction, 27-28 for rental conversion,
140
At-risk rules, 165
Business expenses: commuting, 45-46 home office deduction, 38-39 Business owners, eligible for home office deduction, 33-34 Bypass trust, 183
Car loan interest, 50-54 Carryovers: capital losses, 88 divorce and, 121 home office deduction, 42-43 Cash basis taxpayers, 7 Casualty losses: boosting deduction, 26-28 in disaster areas, 28-30 guidelines, 22-23 figuring loss, 24-26 home office deduction, 39-40 insurance and, 24 Charitable deductions, 140-143 Closing costs: incidental, 12-14 real estate tax payment and, 5-6 Commuting costs, 45-46 Condominiums, 75, 84 Contract of sale, real estate tax prorating and, 5-6
235
236 INDEX
Co-op apartments, 75, 84 Credit card interest, 50-54 Credit shelter trust, 183
Death:
step-up home value, 88, 99 unrealized gain, 79, 82 Deferred sale, unrealized gain, 99 Delinquent real estate taxes, 5-6, 15 Depreciation: home office deduction, 40-42 vacation home rental property, 160-164
Disabled, home improvements for, 57-58 Disaster losses, 28-30 Distance rule: moving expenses, 11 unrealized gain, 77 Divorce:
$500,000 exclusion, 81 ownership and use rules, 116-117 sale prior to, 118-119 vacation home and, 119-120 tax traps and, 120-122 transfer of home to spouse, 117-118, 122 unforeseen circumstances test, 79 Drought damage, 23
Election out, 62-63 Employees, eligible for home office deduction, 30-32 Employment change, unrealized gain, 75-77, 79 Equipment: home office, 47 vacation home, 162 Equity:
reverse mortgage, 66, 173-177
trade-downs, 170-173 trade-ups, 134-135 Equity stripping, in home equity loans, 53 Estate planning, 178-179 current law, 178, 180-182 qualified personal residence trust, 187, 191-194 sale and leaseback, 187-191 title issues, 12, 179-180, 182 vacation home, 184-186 Exchange of property: investment property, 132-134 triangular transfer, 128-132 unrealized gain, 107-108 Exclusive use tests, for home office, 33 Expenses: home office, 30-47 maintenance, 64-65, 138-140, 149, 155-156 moving, 4, 11-12, 15
Fannie Mae web site, 175 Federally-declared disaster areas, 28-30 First-year deductions: checklist for, 14-15 closing costs, 4, 12-14 mortgage points, 4, 7-11, 14,
15
moving expenses, 4, 11-12, 15 real estate taxes, 3, 4-6, 14, 15 title issues, 4, 12, 14 Flipping, in home equity loans, 53
Gift and leaseback, 189 Ground rents, 100
Health problems, unrealized gain, 76, 77-78
INDEX 237
High-priced home, unrealized gain, 96-99
conversion to rental and exchange, 107-108 deferred sale, 99
installment sale, 103-106, 109-115 leasehold carve-out, 100-103 Home equity loans: about, 50-51 business use of, 62-63 cautions about, 51, 53 costs of, 51-52 interest deduction and, 21 in retirement, 170 tax reduction with, 50, 52 trade-ups and, 134-135 Home improvements: as business, 137-138 tax benefits and, 135-137 Home office, 17, 30 commuting costs and, 45-46 eligibility of business owners, 33-34
eligibility of employees, 30-32 figuring deduction, 34-43 flowchart, 31
office equipment costs, 47 outside of home work and, 43-45 “sideline” business, 59-60 unrealized gain, 85, 93 Home ownership benefits, 3 House hopping, see Home improvements
Imputed income, 144-146 Installment sale, unrealized gain, 103-106 loan repayment table, 109-115 Insurance: casualty losses, 24
casualty losses, federal disaster areas, 28-30 Interest, see also Mortgage interest credit and car loan, 50-54 home equity loan, 21 Internal Revenue Service, avoiding reporting sale to, 91-94 Internal Revenue Service forms Form 8829, 35, 37 reporting sale or exchange of residence, 94 Schedule C, 35, 36 Investment property, 132-134
Joint ownership: estate planning, 179-180, 182 purchase year, 4, 12, 14
Land, vacant, 85-86 Leaseback, see Sale and leaseback Leasehold carve-out, 100-103 Level payments self-amortizing note, 106, 109-115 Line of credit, see Home equity loans Loans, see Interest; Mortgage;
Reverse mortgage Loopholes: appreciated property trade-up, 134-135 charitable deductions, 140-143 home improvements, 135-137 imputed income, 144-146 land including house and investment property, 132-134 loss on sale of home, 138-140 serial sales, 125-128 vacation home bought from sale of rental property, 128-132 Losses, see also Casualty losses carryover for capital losses, 88
238 INDEX
Losses (Continued) home sale and, 71 vacation home, 150-153 vacation home, full-year rental, 148, 157-165
Maintenance expenses: home rental and, 64-65 vacation home rental, 149,
155-156 ways to deduct, 138-140 Marriage:
$500,000 unrealized gain, 79-83 estate tax and, 178, 182-184 title issues, 4, 12, 14 Medical home improvements, 54-57 Mortgage, exchange of property and, 130, 131-132. See also Mortgage points; Mortgage interest; Reverse mortgages Mortgage interest: government threat to, 16-17 home rental and, 64 qualified as deduction, 7-11, 15, 19-20
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