You buy a home, the market booms and suddenly your property is worth a lot more than you paid for it. If you sell within a year, though, the IRS classifies those profits as short-term capital gains, which are taxed
An asset’s basis is its original purchase price, which determines how much tax will be owed when the asset is sold. When an asset is inherited, the so-called stepped-up basis resets this value to the asset’s fair market value at
Have you ever daydreamed about how nice it would be to own a house in the woods or along the shore? Here are some financial pointers to consider if owning a vacation home is on your bucket list. Are you
One of the most significant tax benefits you as a homeowner will enjoy is arguably the mortgage interest deduction. This is applied to the interest you pay on your mortgage for your primary place of residence, though it may also
The Tax Cuts and Jobs Act (TCJA) made many changes to the Tax Code, including dramatically increasing the standard deduction. The result is that fewer taxpayers will itemize their deductions. Taxpayers who do continue to itemize, generally high-net worth individuals,
Many homeowners across the country have seen their home values increase recently. According to the National Association of Realtors, the median price of homes sold in July of 2021 rose 17.8% over July of 2020. The median home price was