Tax math on sale of home: with and without business use

Article Abstract:

Computing the tax on sale of home is pretty straightforward as it only involves paying a tax on the net capital gain, which is equivalent to total capital gain minus exclusion. The computation, however, gets a little complicated when a portion of the house is used for business because any exemption cannot be used to shelter the business portion of the house. Home business owners are thus advised to analyze the future tax effects of declaring a part of the house as used for business.

Tax Law, Tax Management, Analysis, House selling, Home selling, Tax accounting, Capital gains tax

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Checklist for home office deductions

Article Abstract:

Business owners that operate home-based businesses should examine several factors to determine if home office deductions can be imposed on corporate taxes. Some of these include operating expenses, recordkeeping, employee use, tax filing and inventory. The possibility of acquiring home office deductions can be increased by constructing a structure separate from one's home and performing all business-related tasks in said office.

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Your home: recordkeeping, improvements, refinancings, points

Article Abstract:

Capital improvements can significantly reduce tax payments levied upon the sale of residential properties. However, records of these types of improvements must be kept. Capital improvements should also be differentiated from household maintenance and repair. Receipts for improvements and maintenance may also be used in acquiring new loans or refinancing existing mortgages.

Residential Buildings, Residential Building Construction, Residential construction, Housing, Improvements (Law)

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