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- Real Estate Tax and Rental Property – TurboTax® Tax Tips & Videos
When you rent out a house or condo, taxes can be a headache.
Consider this scenario:
After buying a condo and living in it for several years, Sue meets Steve, marries him and moves into his house. Because the rental market in their area is improving, they decide that instead of selling Sue’s condo, they could make some money by holding on to it and renting it out. But as first-time landlords, they don’t know whether they need to report the rent they receive on their tax return and, if so, whether any of the money they spent to get the condo ready to rent is deductible.
Does this story sound familiar? If so, you’re not alone. Taxpayers in similar circumstances find themselves asking these questions:…
- Housing market will take massive hit in a shutdown | HousingWire
In the event of a government shutdown, most Federal employees are required to stop working because no funds would be available to pay staff, ultimately ceasing most housing agency’s functions.
Consequently, the Federal Housing Administration will be unable to endorse any single-family loans and staff will be unavailable to underwrite and approve new loans, according to a Department of Housing and Urban Development’s latest report.
If an application for an FHA-insured loan is not approved by the time of the government shutdown, it will not make it through the system, impacting affordability opportunities for homeowners.
Given that government-backed mortgages account for more than 90% of loans, the shrinkage in volume flow would critically hit the housing market.
Read the source article … https://www.housingwire.com/articles/271 14-housing-market-will-take-massive-hit- in-a-shutdown
- Rejoice America: You Are Now $3 Trillion Wealthier… Due To A Definition Change | Zero Hedge
Two months ago the US suddenly found itself “wealthier” by over $500 billion in Gross Domestic Product as a result of a simple definition revision that retroactively added trillions in cumulative gains from, wait for it, intangibles. More importantly, as Paul Singer explained, “As part of the revisions, the Bureau of Economic Analysis will change the way pension payments are counting in GDP. Previous to the change, when a company paid money into a pension plan, the money was counted as wages in the GDP calculation. After the change, what companies have promised to pay in the future, not what they are actually paying, will be added to GDP. This is fantastic. The bigger the unpayable promise made to unsuspecting retirees (promises that are not fully funded), the more GDP supposedly goes up!”