2011.14 Home Ownership - Property taxes in year of payment...

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Property taxes in year of payment Apportioned between buyer and seller of  property Must adjust if not apportioned at closing
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Mortgage interest for acquisition of 1 st  or 2 nd  home  loan up to $1million borrowed; home equity  interest for loan up to $100,000 borrowed, if does  not put home equity in a negative position Points: for acquisition, deductible in full; for re- financing, pro-rated
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Sponge Bob “lives in a pineapple under the sea.”  Under what conditions may he deduct the  mortgage interest and property taxes paid on his  residence? His friend Patrick who lives under a rock cannot  deduct anything
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May deduct against active or portfolio income If taxpayer:  Is an active participant AGI less than $100,000 (reduced 50% by amount  over threshold)
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Loss not recognized – personal use asset 1 st  - $250k/$500k MFJ gain on principal not 
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2011.14 Home Ownership - Property taxes in year of payment...

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