Most individual taxpayers are aware of the annual income tax benefits of owning a home, such as the ability to deduct from gross income any mortgage interest and real estate taxes paid during the taxable year. There are, however, other income tax rules of which homeowners should be aware, especially those who are disposing of a primary residence — either by sale or gift — or changing the home’s use from a primary residence to investment/rental property. The article, 7 Tax Tricks For Homeowners , offers a good overview of the income tax implications that most taxpayers overlook in these circumstances. As always, there’s no substitute for professional advice in these situations.
Planning Your Future 