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Tax deductions for homeowners | H&R Block Newsroom – Tax tip for homeowners #1: itemize all possible deductions. Taxpayers only benefit from itemizing if their itemized deductions are bigger than the standard deduction. The standard deduction for 2017 is $6,350 for single taxpayers and $12,700 for married taxpayers filing jointly.
Second Home Taxes | H&R Block – Tax Information Center – Selling your second home. You can exclude up to $250,000 of the gain if both of these are true: The second home was your main home for at least two years in the last five years. The five-year period ended on the date of sale. If you’re married filing jointly, you can exclude up to $500,000.
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Tips on Rental Real Estate Income Deductions and. – In the first year, you receive $5,000 for the first year’s rent and $5,000 as rent for the last year of the lease. You must include $10,000 in your income in the first year. Security deposits used as a final payment of rent are considered advance rent.
Top 15 tax deductions for landlords – Rental Advice, Tips. – You can claim $25,000 of losses that year, but then you are allowed to "recapture" the other $15,000 in losses against your income the next year. If you continue to have losses beyond $25,000 year after year, you can recapture the sum of the unused losses against the gains when you sell the property.
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