Zinner & Co. Blog and Newsroom

IRS Okays home equity deductions

Posted by Zinner & Co. Tax Department on Jun 7, 2018 12:30:00 PM

The Tax Cuts and Jobs Act of 2017 affected the tax deduction for interest paid on home equity debt as of 2018.

Under prior law, you could deduct interest on up to $100,000 of home equity debt, no matter how you used the money. The old rule is scheduled to return in 2026.

The bad news is that you now cannot deduct interest on home equity loans or home equity lines of credit if you use the money for college bills, medical expenses, paying down credit card debt, etc.

The good news is that the IRS has announced “Interest on Home Equity Loans Often Still Deductible Under New Law.”

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Topics: real estate, financing, Taxes - Planning, Rules and Returns, Taxes - Individual, home, Tax Cuts and Jobs Act of 2017

IRS Grants Relief for late Real Estate Professional Election

Posted by Brett W. Neate, CPA, MTax on May 26, 2016 4:26:21 PM

As most individuals who invest in real estate know – or quickly learn when they file their income tax returns – they become subject to a complex set of rules known as the Passive Activity Loss (PAL) rules.

In a nutshell, the rules state the following:

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Topics: real estate, Brett W. Neate

Passive Activity Rules and Their Relationship to Trusts

Posted by Zinner & Co. on Nov 3, 2014 10:00:00 AM
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Topics: real estate, Taxes - Planning, Rules and Returns, Estates, Gifts & Trusts

Financing the Sale of Your Home

Posted by Zinner & Co. on Oct 31, 2014 11:06:00 AM

Posted by: Robert O’Neil, CPA

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Topics: real estate, financing, Taxes - Planning, Rules and Returns

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