REAL ESTATE FINANCES

The IRS and Real Estate

• Publication 515
  Witholding of Tax on Nonresident Aliens and Foreign Entities Are you sellling your house and not a US citizen? Do you have to have tax witheld at time of closing? Are you buying a house and want to ensure you don't inherit a tax obligation after buying from a non-US citizen? This IRS publication will answer your questions so that you can make sure any taxes are accounted for properly at time of closing.
• Form 5405
  First-Time Homebuyer Credit Are you a first-time home buyer? Did you sell your home a while back, have been renting until your recent home purchase, and want to see if you're eligible to claim the credit? Should you claim the credit this year or next year? Should I plan to start my vacation December 2 this year? Here is the IRS announcement for the First-Time Homebuyer Credit program, featuring useful links and all the information you need to make a smart decision on how to use this credit.
• Income Tax Form 709
  Gift Tax Return Will someone provide gift money to help you purchase a home? The links above will answer all your questions on how to report this to the IRS.
  
• Schedule D (Form 1040)
  Capital Gains and Losses
  
• Form 8857
  Request for Innocent Spouse Relief Are you being unduly burdened by debts that you didn't know about that were incurred by a former spouse? Then you might want to review this form and see if any relief is available for you.
  
• Publication 521
  Moving Expenses
  
• Publication 523
  Selling Your Home " ... realty fees can be so expensive ..." But are they tax-deductible? Visit this publication to find out what expenses you can claim in the sale of your home.
  
• Publication 527
  Residential Rental Property (including rental of vacation homes)
  
• Publication 530
  Tax Information for First-Time Homeowners Did you just buy a home? Then your agent should have provided you with this handy publication. It explains the ins and outs of tracking the finances of your newest investment.
  
• Publication 544
  Sales and Other Dispositions of Assets
  
• Publication 547
  Casualties, Disasters, and Thefts (Business and Nonbusiness)
  
• Publication 551
  Basis of Assets Just how do you deduct the costs of modernizing your kitchen? Repairing a leaky roof? Adding a deck? You'll find your answers here!
  
• Publication 587
  Business Use of Your Home
  
• Publication 936
  Home Mortgage Interest Deduction
  
• Form 1040X
  Amended U.S. Individual Income Tax Return
  
• Form 8822
  Change of Address
  
• Form 8828
  Recapture of Federal Mortgage Subsidy