Real estate tax breaks uncovered

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

If you have sharpened your pencil one more time in an effort to find another tax deduction before the April 15 tax deadline, don't forget to take another hard look at your home, mortgage and inside the garage. According to Rob Keasal, certified public accountant with the Seattle office of Anderson Zurmuehlen & Co., the Internal Revenue Service has provided some clarity on capital gains exclusion when a taxpayer is forced to move because of unruly neighbors. Typically, single taxpayers can pocket $250,000 of tax-free gain ($500,000 for married couples) every two years upon the sale of their primary residence. However, if a homeowner is forced to move sooner because neighbors have refused to curtail obnoxious all night partying, complete with ear-shattering foosball tournaments or other unbearable activities, the homeowner could meet special requirements. "What the IRS considers extraordinary conditions or a 'hardship test' has now been allowed for unruly neighbors," Keasal said....