I own 3 houses. My primary home has mortgages over $1.1M, which is the limit on deductible interest. I purchased the other 2 houses originally as primary and secondary homes while living overseas, and my divorced parents lived in each of the houses. When I returned, I purchased my current house and used up all the mortgage deduction. Are there any deductions I could use (such as investment interest) on these other 2 homes?

February 22nd, 2023

How much money can I gift my two children and their spouses each year without that money being taxed?

September 11th, 2023

My spouse and I have just sold a home and split the proceeds. He is using his share to pay off a loan from his mother but still has a lot of debt in his name that he cannot pay off. He is financially struggling and intends to file for bankruptcy in the future. I want to get my share out of my name. If I give it to my mother to put into an account in her name, how does it affect her and me taxwise?

February 26th, 2023

How should I account for various expenses related to a real estate transaction, including pre-closing expenses like property inspections, mortgage broker fees, attorney fees, and post-closing expenses like mortgage application fees and repair credits, in QuickBooks for tax purposes?

August 15th, 2023

When filing income tax returns, how much do you get back from the IRS per child?

November 24th, 2024