When purchasing a home there are a few things you should know for your tax return that vary depending on if this is your first home or if you are selling and purchasing a new home. If this is your first home, then there will be new things to remember at tax time, including real estate taxes paid, personal property taxes paid, charitable contributions, and mortgage interest paid. You should receive a form 1098 for the mortgage interest paid and a receipt from paying your real estate and … [Read more...]
Are your moving expenses deductible? If so, what is deductible?
Recently the question "Are my moving expenses deductible?" was asked of me and since the summer and fall is when the majority of relocations occur, I wanted to share when you are allowed to deduct expenses and what can be deducted. If the following applies, then you will want to track your moving expenses in order to allow your tax preparer to deduct those expenses on your return. The move is related to either a new job or a change in your current job. The new job location is at least … [Read more...]
