First-Time Homeowner's Tax Guide
First-Time Homeowner's Tax Guide

First-Time Homeowner's Tax Guide

by Robert Balducci

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Product Details

ISBN-13: 9781402233647
Publisher: Sourcebooks
Publication date: 10/01/2007
Sold by: Barnes & Noble
Format: NOOK Book
Pages: 208
File size: 5 MB

About the Author

Robert L. Balducci is a Certified Public Accountant who owns a part-time tax practice that services over 2,400 clients in New York City annually. He has been in the tax business for over 15 years and has earned the nickname Mr. Tax. He lives outside of New York City.

Table of Contents

Part I: Personal Residence


Chapter 1: Purchasing Your Personal Residence
- Settlement Fees and Closing Costs
- Points
- Moving Expenses

Chapter 2: Owning Your Personal Residence
- Mortgage Payments
- Real Estate Taxes
- Repairs and Improvements
- Equity
- Refinancing
- Cooperatives
- Condominiums

Chapter 3: Selling Your Personal Residence
- The 1997 Tax Relief Act
- Determining Your Gain or Loss
- Step-by-Step Illustration

Chapter 4: Home Tax and Estate Planning
- Distribution from Retirement Plan
- Before You Refinance
- Trade Down
- Reverse Mortgages

Part II: Residential Rental Property

Chapter 5: Purchasing Your Rental Property
- Owning a Business
- The Cost of Rental Property
- Step-by-Step Illustration
- Settlement Fees and Closing Costs

Chapter 6: Owning Your Rental Property
- Reporting Rental Income
- Reporting Rental Expenses
- Rental Loss
- Rules for Condominiums and Cooperatives
- Comprehensive Illustration

Chapter 7: Selling Your Rental Property
- Differences Between Selling a Personal Home and a Rental Property
- Rules on Losses
- Rules on Gains
- Determining Your Gain or Loss
- Calculating the Tax
- Keeping Records
- Reporting the Sale of Rental Property
- Step-by-Step Illustration

Chapter 8: Multiple-Unit Homes
- Treatment of Tax Deductions
- Selling

Chapter 9: Personal and Rental Use of Home
- Tax Rules on Vacation and Second Homes
- Special Rules on Deductions

Chapter 10: Business Use of a Home
- Meeting the Tax Rules for Home Businesses
- Treatment of Tax Deductions
- Depreciation
- Deduction Limit
- Where to Deduct
- Day Care Facility
- Employees
- Sale of Home

Chapter 11: Tax Loopholes
- Non-Taxable Exchange
- Tax Break on Sale of Rental Property


Appendix A: Tax Treatment of Personal Home by Each State

Appendix B: Tax Treatment of Residential Rental Property by Each State

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