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"$8,000 Housewarming Gift"
(Stern) No. 1913, Tierra Grande reprint, 1pp. (7/20/2009) |
 The American Recovery and Investment Act of 2009 includes an $8,000 tax credit for first-time homebuyers. Unlike the $7,500 loan/credit available through the 2008 Housing Assistance Act, this credit does not have to be repaid.
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"Beginner’s Luck: Interest-Free Government Loans for First-Time Homebuyers"
(Stern) No. 1893, Tierra Grande reprint, 1pp. (1/19/2009) |
 First-time homebuyers may benefit from a $7,500 interest-free government loan for homes purchased and occupied after April 8, 2008, and before July 1, 2009. The loan is repaid over 15 years. The loan balance is forgiven if the home is sold at a loss before the 15-year term ends.
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"Conservation Easements Revisited"
(Nichols & Gilliland) No. 1888, Tierra Grande reprint, 3pp. (1/19/2009) |
 Texas landowners have historically been skeptical of conservation easement tax benefits, but the Pension Protection Act of 2006 and the farm bill passed in 2008 significantly improved those benefits. Landowners may want to take another look at the tax deductions offered by conservation easements.
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"Get the Most Out of Moving"
(Stern) No. 1882, Tierra Grande reprint, 1pp. (10/20/2008) |
 This is way better than getting an "A." Pass four IRS tests related to a move, and receive income tax deductions
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"Safe Harbor for Rent"
(Stern) No. 1870, Tierra Grande reprint, 1pp. (7/22/2008) |
 Thanks to a new IRS rule, limited personal use will not prevent a rental home from qualifying for tax-free like-kind exchange treatment.
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"Home Sale Rules Enhanced"
(Stern) No. 1859, Tierra Grande reprint, 1pp. (4/24/2008) |
 Several new IRS rulings accommodate the needs of taxpayers who sell their homes "early" because of "unforseen circumstances."
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"Double Whammy: Foreclosure and Taxes"
(Stern) No. 1842, Tierra Grande reprint, 2pp. (1/20/2008) |
 Foreclosure has two possible tax consequences. Tax may be due as ordinary taxable income associated with the cancellation of debt or as taxable gain from the disposition of the asset.
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"Movers and Savers"
(Stern) No. 1820, Tierra Grande reprint, 1pp. (7/23/2007) |
 Taxpayers who have qualified moving expenses receive a deduction for adjusted gross income. The new mileage deduction for each auto used in connection with a qualified move is 20 cents per mile in 2007, up from 18 cents in 2006.
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"Energy Efficiency Pays"
(Stern) No. 1813, Tierra Grande reprint, 2pp. (4/15/2007) |
 Homeowners can receive tax credits for certain energy efficiency property and improvement expenditures. The nonbusiness energy property credit expires at the end of 2007; the residential energy-efficient property credit expires at the end of 2008.
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"Principal Residences and Tax-Free Exchanges"
(Stern) No. 1774, Tierra Grande reprint, 2pp. (4/18/2006) |
 Taxpayers can avoid tax on up to $500,000 of gain when selling their principal residence. Yet, all gain is taxable if the residence was acquired during the previous five years as part of a tax-free like-kind exchange. The 2005 Tax Act clarifies the conditions under which such gains are taxable.
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"Road Trip . . . What's Deductible?"
(Stern) No. 1763, Tierra Grande reprint, 1pp. (12/16/2005) |
 Before embarking on your next business trip, revisit the expenses Uncle Sam says are deductible and those that are not.
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"Filling, Grading, Excavating: Land Improvements May Yield Deductions"
(Stern) No. 1752, Tierra Grande reprint, 1pp. (10/14/2005) |
 Land improvements that would have to be redone if a building was replaced may be depreciable.
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"Vacation Home Deductions: Relax and Save Tax"
(Stern) No. 1734, Tierra Grande reprint (6/10/2005) |
 Vacation homes can reduce income taxes under certain circumstances. This column reviews the general rules for vacation homes and summarizes new tax planning perspectives that enable taxpayers to maximize vacation home tax benefits.
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"Doing Well By Doing Good"
(Gilliland) No. 1725, Tierra Grande reprint, 2pp. (4/15/2005) |
 Talk about sweet charity! Charitable remainder unitrusts let you convert property into an income stream, avoid capital gains taxes, earn an income tax deduction and contribute to a charity.
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"Bon Appetit: Improvements Serve Up Tax Breaks"
(Stern) No. 1711, Tierra Grande reprint, 1pp. (1/14/2005) |
 The 2004 Tax Act provides tax changes for commercial property leasehold improvements and restaurant improvements. As long as basic criteria are met, improvements can now be depreciated over a 15-year period rather than 39 years. Restaurant improvements also receive 50 percent first-year bonus depreciation.
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"Real Deal: Cost Segregation Means Tax Savings"
(Miller) No. 1709, Tierra Grande reprint, 2pp. (1/14/2005) |
 Depreciating personal property components of commercial buildings separately from the rest of the structures can shave tax bills.
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"Uncle Sam Gives History Credit"
(Stern) No. 1694, Tierra Grande reprint, 1pp. (10/15/2004) |
 Rehab pays, at least when it comes to rehabilitating historical structures. Here's the lowdown on tax credits.
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"Calculating Self-Employment Tax"
(Stern) No. 1685, Tierra Grande reprint, 1pp. (7/15/2004) |
 Don't risk tax penalties. Take this quick refresher course on self-employment tax.
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"A House Divided: Divorce and Real Estate"
(Stern) No. 1664, Tierra Grande reprint, 1pp. (4/20/2004) |
 When a married taxpayer transfers property to a spouse, there is no gain or loss recognized for tax purposes. This nontaxable result occurs regardless of whether the transfer is made through gift, sale or otherwise -- even if the transfer is in conncection with a divorce.
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"A Notation a Day Keeps the Auditor Away"
(Stern) No. 1656, Tierra Grande reprint, 1pp. (1/11/2004) |
 Taxpayers are typically advised to keep tax-related receipts and maintain detailed recores to document information reported on tax returns. A 2003 U.S. Tax Court case underscores the importance of good record keeping and illustrates the significant negative consquences of not doing so.
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