Real Estate Taxes Archives

January 15, 2024April 25, 2024

Capital Gains: Were Profits on Your 2023 Home Sale EXEMPT? Head Form 1099-S Off at the Pass.

People who sold their homes in 2023, after living in them for a while and enjoying their low mortgage rates, have seen big gains in their property values. Fortunately, most of these gains won’t be taxed.

If you sold a home in 2023, your lender or broker may give you Form 1099-S. Federal law requires the party responsible for closing your deal (this could be an escrow agent or title company) to send these forms out, filled in with the closing date and proceeds of the sale.

Form 1099-S only needs to be sent to sellers who have taxable gains to report on their 2023 returns. Read on to find out why most home sellers won’t have to report their home sale to the IRS! (You still may choose to report the sale on your return, even if not required.)

May 19, 2021April 25, 2024

Do-It-Yourself Stimulus? The Rise of the Property Tax Protests

Image of a row of houses backlit by the sun with fluffy clouds in a mostly blue sky. Captioned: The Rise of the Property Tax Protests

For years running, Texans have been protesting their property taxes. This year (2021), Texas homeowners had until May to object to their county assessors’ valuations of their homes. When they win their cases, their homes’ market prices don’t change. But their tax bills do.

County procedures enable Texas homeowners to contest their property tax assessments. Some Texans now regard the process as a necessary savings strategy in a challenging economy.

June 1, 2020April 25, 2024

Real Estate Taxes: Tips and Updates

Image of a smart phone being used as a calculator to factor real estate taxes.

The new deadline for filing last year’s taxes is Wednesday, July 15, 2020. Time to review the current tax implications of owning a home.

First, we need to itemize homeowner deductions if we decide to claim them on our federal returns. There are a number of deductions available, but if you’re like most homeowners, you won’t itemize and claim them. This is because the IRS standard deduction is quite high since the Tax Cuts and Jobs Act of 2017. The standard deduction that applies to the 2019 tax year is $24,400 for married partners filing jointly, $12,200 for single and married people filing separately, and $18,350 for single heads of households.

Most people prepare an itemized worksheet at least for their own knowledge — if only to compare the standard deduction against the itemized total before deciding how to file, or to show their accountants the expenditures. So, here are some major deductions of note at the current time.