For many, nothing is as nerve-racking as buying your first home--that is, until it is to time prepare your taxes for the first time after the purchase. Mortgage interest deductions, property tax deductions, closing costs, depreciation, itemizations and Schedule A are all terms that the new owner may be completely unfamiliar with. The First Time Homeowner’s Tax Guide can help. This tax guide explains all the rules associated with home ownership when preparing your tax return, with instructions for completing the necessary forms. It focuses on the changes most new homeowners will face when having the ability to now deduct home mortgage interest and property taxes from their individual tax return, and takes the new homeowner through the process step-by-step. Plus, in addition to helping the first-time buyer, it helps the first-time seller with the special capital gains rules of selling a home, as well as giving crucial tax advice to the first-time real estate investor.

Part I: Personal Residence Introduction Chapter 1: Purchasing Your Personal Residence • Settlement Fees and Closing Costs • Points • Moving Expenses Chapter 2: Owning Your Personal Residence • Mortgage Payments • Real Estate Taxes • Repairs and Improvements • Equity • Refinancing • Cooperatives • Condominiums Chapter 3: Selling Your Personal Residence • The 1997 Tax Relief Act • Determining Your Gain or Loss • Step-by-Step Illustration Chapter 4: Home Tax and Estate Planning • Distribution from Retirement Plan • Before You Refinance • Trade Down • Reverse Mortgages Part II: Residential Rental Property Chapter 5: Purchasing Your Rental Property • Owning a Business • The Cost of Rental Property • Step-by-Step Illustration • Settlement Fees and Closing Costs Chapter 6: Owning Your Rental Property • Reporting Rental Income • Reporting Rental Expenses • Rental Loss • Rules for Condominiums and Cooperatives • Comprehensive Illustration Chapter 7: Selling Your Rental Property • Differences Between Selling a Personal Home and a Rental Property • Rules on Losses • Rules on Gains • Determining Your Gain or Loss • Calculating the Tax • Keeping Records • Reporting the Sale of Rental Property • Step-by-Step Illustration Chapter 8: Multiple-Unit Homes • Treatment of Tax Deductions • Selling Chapter 9: Personal and Rental Use of Home • Tax Rules on Vacation and Second Homes • Special Rules on Deductions Chapter 10: Business Use of a Home • Meeting the Tax Rules for Home Businesses • Treatment of Tax Deductions • Depreciation • Deduction Limit • Where to Deduct • Day Care Facility • Employees • Sale of Home Chapter 11: Tax Loopholes • Non-Taxable Exchange • Tax Break on Sale of Rental Property Glossary Appendix A: Tax Treatment of Personal Home by Each State Appendix B: Tax Treatment of Residential Rental Property by Each State

Robert L. Balducci is a Certified Public Accountant who owns a part-time tax practice that services over 2,400 clients in New York City annually. He has been in the tax business for over 15 years and has earned the nickname Mr. Tax. He lives outside of New York City.

 

First-Time Homeowner's Tax Guide by Robert L. Balducci
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