Tax Credit

Taxable Gain or Loss on Sale of Residence?

If you sold your home in 2010, be sure to provide your tax preparer with a copy of your closing statement evidencing the financial details of the closing. Your tax preparer will also appreciate seeing the closing statement from when you purchased the residence, knowing if you made any improvements to the property and if you ever rented the [...]

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Selling Inherited or Gifted Property

Don’t be caught off guard when you file your income tax return and you have sold property that was given to you or inherited by you. Your tax basis might be different than the net selling price, so you could have to recognize a gain or loss for tax purposes on your personal income tax return. If the [...]

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Tax Time and Real Estate

When you are gathering up information for the preparation of your tax return, don’t forget to include copies of your closing statements if you have bought or sold a personal residence in 2010. Most people know about the tax credit if they bought a home prior to June 30, but your purchase or sale may have other income [...]

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