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Tax Deductions for Rental Property Depreciation
When you rent property to others, you must report the rent as income on your taxes. But you can deduct, or subtract, your rental expenses—the money you spent in your role as the person renting out the property—from that rental income, reducing your tax obligation. Many expenses can be deducted in the year you spend the money, but depreciation is different. Read more…

Home Foreclosure: What's Your Tax Liability?
Through 2020 (and in certain cases 2021), exceptions to federal tax laws allow some homeowners to escape additional tax liability when going through foreclosure. Read more…

Claiming Property Taxes on Your Tax Return
If you pay taxes on your personal property and owned real estate, they may be deductible from your federal income tax bill. Most state and local tax authorities calculate property taxes based on the value of the homes located within their areas, and some agencies also tax personal property. If you pay either type of property tax, claiming the tax deduction is a simple matter of itemizing your personal deductions on Schedule A of Form 1040. Read more…

How Short Sales and Foreclosures Affect Your Taxes
If you engage in a short sale or your mortgage lender forecloses on your home, there are some important tax implications that you'll want to consider. Read more…

Real Estate Tax Tips for the Owner of Record
Owning real estate comes with many benefits, but also a fair amount of costs. The tax code includes several breaks designed to offset some of those costs, but generally, the only person who can claim them is the legal or equitable owner, often referred to as the owner of record. Usually, that's the person listed in public records as the owner of the property. Read more…


More Home Ownership Articles

How to Deduct Mortgage Points on Your Tax Return Real Estate Tax Tips: Owning Property as a Tenancy in Common Mortgage Refinance Tax Deductions How to Estimate Property Taxes What Are Personal Property Taxes? About Tax Deductions for a Mortgage What are the Tax Implications of Involuntary Conversions? Can You Claim a Boat or RV as a Primary Residence? Video: Home Repairs and Tax Deductions Deducting Mortgage Interest FAQs Video: Tax Tips for Paying Property Taxes Online What Are Energy Tax Credits? Video: What Are Energy Tax Credits? Video: Renting vs Buying a Home: Tax Breaks You Should Know Are Home Interest Loans Deductible From Taxes? Paying Property Taxes Online Tax Deductions for Conservation Easements of Property What Are Home Renovation Tax Credits? Tax Tips for Short Sales Guide to 1098 Tax Forms Home Ownership Tax Deductions Federal Tax Credit for Residential Solar Energy Tax Aspects of Home Ownership: Selling a Home Video: Guide to Short Sales, Foreclosures and Your Taxes Tax Tips for Foreclosures How to Avoid Taxes on Canceled Mortgage Debt Home Improvements and Your Taxes Buying Your First Home Video: Can We File Two Primary Residences if Filing a Joint Tax Return? Energy Tax Credit: Which Home Improvements Qualify? Video: Tax Deductions When Buying or Selling a Home Federal Tax Deductions for Home Renovation Tax Breaks and Home Ownership What is IRS Form 8859: Carryforward of D.C. First-Time Homebuyer Credit Deducting Health Insurance Premiums If You're Self-Employed Tax Law for Selling Real Estate Buying a Second Home—Tax Tips for Homeowners Are You An Accidental Landlord? Here's How to Tackle Your Taxes Video: Deducting Mortgage Interest and Property Tax Video: Federal Tax Deductions for Home Renovation Homebuyer Tax Credit: 7 Surprising Facts Video: Federal Tax Credit for Solar Energy What Is the IRS Form 5405? Video: Learn about the First-Time Homebuyer's Credit 10 Energy-Related Home Improvements You Can Make Today Taking the First-Time Homebuyer Credit Conserve Energy, Save Money with Larger Credits Unmarried First-Time Homebuyers: Who Gets the Credit for a 2010 Purchase? Video: The 2010 Energy Tax Credit

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