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Life Events Series: How Will Buying My First House Help My Taxes?

February 18, 2020 / TurboTaxBlogTeam

A great milestone of your financial life is the purchase of your first home. While less exciting, the tax implications of that achievement are no less critical. After all, home ownership creates several new opportunities for you to save on your federal income taxes. Got your attention?

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Income and Investments

Renting Out Your Home for the Super Bowl, Long Term or Short Term? Check Out These 7 Tax Tips

January 30, 2020 / Ginita Wall, CPA, CFP®

Do you have a spare room in your house that you’d like to rent out? Maybe you’re thinking of renting it out for the Super Bowl. Or maybe you are thinking about renting out your entire home and taking off...

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What Your Summer Home Renovations Mean for Your Taxes

June 3, 2019 January 2, 2020 / Ginita Wall, CPA, CFP®

At last, the sun is shining, the birds are chirping and it’s time to kick back and enjoy the summer. But wait, do you cringe every time you look around your home and backyard? Are the turquoise and pink décor...

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Tax Tips

10 Things You Need to Know About Divorce and Taxes

March 22, 2019 July 23, 2019 / Ginita Wall, CPA, CFP®

Divorce may not be as inevitable as taxes, but it certainly brings complications to tax filing. Follow these ten tips, and the process should go smoothly in the future. Once your divorce questions are answered, TurboTax can handle your tax return.

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What is Mello-Roos? And Can I Deduct It?

December 29, 2017 June 5, 2019 / Jim Wang

The article below is up to date based on the latest tax laws. It is accurate for your 2017 taxes, which you will file by the April 2018 deadline. Learn more about tax reform here. Most taxpayers know that property taxes...

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Tax Reform

Tax Reform 2017: Can I Deduct My Property Taxes I Prepaid in 2017 Under the New Tax Law?

December 28, 2017 July 3, 2019 / TurboTaxBlogTeam

On Friday, December 22, the President signed the largest piece of tax reform legislation in more than three decades. The new tax law will affect most taxpayers. One point to keep in mind, though, is that for the vast majority...

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Income and Investments

Tax Tips for Those Renting Their Home on Airbnb

June 23, 2017 July 18, 2019 / TurboTaxBlogTeam

As Airbnb’s popularity continues to rise, more and more people renting out their homes and learning about the tax implications that come with it. When you offer your home, or a room in your home, as a short-term rental, you may be...

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Income and Investments

Does Renting My Apartment on Airbnb Make Me Self-Employed?

March 30, 2017 July 18, 2019 / Ginita Wall, CPA, CFP®

Wouldn’t it be great if your home was working while you were on vacation? Well, that’s essentially what happens when you rent out your apartment on Airbnb and other similar services. Rental income is not considered to be earned income...

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How Does Your Vacation Home Affect Your Taxes?

June 25, 2016 July 18, 2019 / Philip Taylor

Due to US tax laws and tax benefits, owning a vacation home is actually more affordable than you might think. No matter your goals for a second home, understanding the tax breaks for your vacation residence can help you relax...

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How to Lower Your Property Taxes

May 12, 2016 July 24, 2019 / Jim Wang

Home ownership is one of the best feelings in the world. Your home is your castle and when you own it, even if you had to borrow a mortgage, it’s a place you can call your own. Unfortunately, one of...

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