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Rainmaker
2,669,363
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Lets hear it from CPA's as this is their subject matter

Oct 28, 2016 04:09 AM
Rainmaker
838,712
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Have you ever heard of the concept of research? on your own, that is? 

Oct 28, 2016 10:53 AM
Rainmaker
2,224,167
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

Seek the advice of a tax professional. 

Oct 28, 2016 09:11 AM
Rainmaker
5,573,163
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

those are questions for an accountant....

Oct 28, 2016 07:28 AM
Rainmaker
3,070,584
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Richie Alan Naggar nailed this one!

Oct 28, 2016 05:04 AM
Ambassador
4,315,625
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

abby tiscareno - let the accountant take care of this...

Oct 28, 2016 04:35 PM
Ambassador
3,724,022
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

You need to have a sit down with your favorite tax expert.  This question is way above most Realtor's pay grades, unless they were CPAs in a past life.

Oct 28, 2016 02:16 PM
Ambassador
4,684,234
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

There can be anumber of tax benefits. A CPA can provide a good overview that can depend on the individual tax/financial situation.

 

Oct 28, 2016 01:46 PM
Ambassador
5,614,543
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Sounds like 4 big questions that exceed the size of this box.

Oct 28, 2016 01:40 PM
Ambassador
2,595,103
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Talk to a CPA.

Oct 28, 2016 12:43 PM
Rainmaker
508,849
Susie Kay
Ultra Real Estate Dallas Fort Worth - Plano, TX
North Dallas Specialist

That's something you should discuss with your CPA, not your realtor.

 

Oct 28, 2016 12:24 PM
Rainmaker
1,231,605
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Michael Setunsky See his comment. 

Oct 28, 2016 11:24 AM
Rainmaker
1,465,977
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

abby tiscareno Home ownership: Taxes and mortgage interest. Second home: None other than enjoyment. Investment property: Expense deductions

Oct 28, 2016 04:29 AM
Rainer
17,015
Mary Hamilton
North Beach, NJ

When you buy a home you get to deduct two of the biggest owning-a-home expenses from your federal income tax. They are your property taxes and the interest o n your mortgage.

 

Nov 04, 2016 12:58 AM
Rainmaker
1,157,535
FN LN
Toronto, ON

I have previously provided responses to others in this forum who have asked the same question.

Oct 29, 2016 05:02 PM
Rainmaker
5,764,585
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Abby,

We all have different tax needs, so talk to Your CPA, he/she know best.  A

Oct 29, 2016 06:49 AM
Rainmaker
1,542,592
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

Tax shelter for your own home and tax deductions on an investment property. Your CPA would be able to spell it all in details. 

Oct 29, 2016 03:42 AM
Rainmaker
4,799,651
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

The devils in the details, so I would ask a tax professional.

Oct 29, 2016 03:05 AM
Ambassador
1,616,454
Harry F. D'Elia III
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

I would ask a tax advisor

Oct 29, 2016 01:52 AM
Rainmaker
4,213,419
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

I would consult a qualified tax professional to discuss the different scenarios you have presented.  

Oct 29, 2016 12:34 AM
Rainmaker
4,433,809
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Ask your accountant.

Oct 28, 2016 11:41 PM
Rainmaker
4,417,796
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Ask your CPA or tax attorney! 

Oct 28, 2016 11:36 PM
Rainmaker
6,859,323
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Check the previous answers.

Go the the IRS website for all the details you may need.

Oct 28, 2016 11:16 PM
Rainmaker
4,224,234
Richard Weeks
Dallas, TX
REALTOR®, Broker

Great question for a cpa or tax attorney.

Oct 28, 2016 10:23 PM
Rainmaker
4,336,982
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Ask a CPA/tax advisor.

Oct 28, 2016 08:46 PM
Rainmaker
984,974
Diana Zaccaro Broker Associate
Tropical Beachside brokered by eXp - Cocoa Beach, FL
"The Accidental Blogger" Cocoa Beach, Florida

Ask your CPA and tax attorney.

 

Oct 28, 2016 12:18 PM
Rainmaker
908,513
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

The benefits depend on the situation or position of the individual.

Their tax adviser will have directed them regarding the instruments of ownership best suited for them.

It is possible the individual is a "Hillary Type' and will choose to pay their fair share in taxes and pay the maximum possible. Or they my be the Trump type and pay 100% of what is REQUIRED using existing tax code.

The benefits are so broad and comprehensive there is an entire industry based on advising those willing to pay for qualified advise.

A Q & A on Active Rain will not provide quailed advise.

 

Oct 28, 2016 05:44 AM
Rainmaker
1,574,048
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Eighteen Years Experience in Brevard County

The write offs if you have enough to overcome the standard deduction amount... the benefit of home ownership is more than a tax return.  BTW I am not a CPA or tax expert.

Oct 28, 2016 05:39 AM
Ambassador
3,986,910
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

If you own your primary resident and itemize your deductions, the interest and property taxes paid in the yar become a deductible expense. Second homes also qualify. Investment property is more complex and expenses are also used and depreciation.

Oct 28, 2016 05:25 AM
Rainmaker
105,831
Scott Lawson
America's Home loans - Santa Rosa, Petaluma Mortgage Broker - Santa Rosa, CA
Mortgage Broker FHA, VA, refinance or purchase

Tweet to Donald Trump--he'll tell you...

Oct 28, 2016 05:19 AM
Rainmaker
2,044,670
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Great write offs !

Oct 28, 2016 04:52 AM