Real Estate Housing Feed

Singer-songwriter James Taylor provided the soundtrack for the White House's Sept. 13 celebration of the enactment of the Inflation Reduction Act. (White House photo via Facebook) The Biden Administration this week celebrated the enactment of the Inflation Reduction Act (IRA) with a ceremony on the White House lawn. And while a government report on inflation that came out the same day warned of continuing inflation costs, President Joe Biden and attendees didn't let the new dampen the festivities. The White House insists that the IRA will work as planned, and Biden touted the law's provisions, including the climate-change-prompted energy provisions,... Read more →


Photo by Jill Burrow We freaked out a bit earlier this summer when we learned a neighbor whose backyard abuts ours was putting in a pool. The good news for us is that it's not a full-sized lap pool. It's one of the area's popular plunge pools, close to their house, with lots of space between it and our property line (and house). And the smaller size meant we didn't have to suffer through a prolonged construction. Despite our property proximity, we're mainly "hi, there" neighbors. Age and family differences — they're younger and have pre-school children — mean we... Read more →


Online hospitality services have only grown in popularity since the first Airbnb rental in 2008. The private property rental service now has dozens of competitors worldwide. In the United States, state and local tax officials quickly discovered the revenue they were losing when owners let their homes or rooms. Most of the major clearinghouses for private rentals have worked out agreements to collect and remit occupancy taxes, similar to Airbnb deals, in the United States and globally. Of course, when taxes and real estate are involved, there always are bugs to resolve. In Dallas, for example, the city council is... Read more →


Panoramic view of Los Angeles, California (Photo by Anthony Brown) There's been a boom this year in the price of houses. Now some Californians are hoping that the money sellers are making also can help the homeless. Los Angeles voters will decide in November on a higher tax rate on sales of high-value homes. The proposed 4 percent tax on the sale of homes valued $5 to $10 million and 5.5 percent on homes valued at more than $10 million would go toward affordable housing and homelessness prevention efforts. In addition to applying to residential sales, commercial property sellers would... Read more →


A group of Kentucky homeowners switched to a different, higher-rate tax district so their increased taxes would pay for things like street cleaning. A transcription error meant they got it and other services for free for eight years. (Photo by Kay Bell) Property tax bills are a major expense for homeowners. They also can be confusing. Here in Texas, most property tax money goes to the homeowners' local school districts. But there's usually more. Our real estate bill, for example, has collections for our independent school district, as well as five other taxing jurisdictions. That's why every tax bill recipient... Read more →


Home sale prices are going through the roof in some places, meaning sellers need to be aware of the limits on how much residential sale profit is tax-free. (Photo by Jeffrey Czum) Austin's housing market has been hot for a while, but it hit even more torrid heights earlier this year. That prompted many of my neighbors to become former neighbors. They cashed in on their homes' escalation in value and moved. Most went to other single-family residences. Some older sellers downsized to townhouses or condos. A few decided to take their profits and hit the highway in new, well-appointed... Read more →


Photo by Jess Bailey Designs The only thing worse than getting a surprising high property tax appraisal — which, as one of April's tax tips advises, you definitely should protest for venting, as well as potential lower tax, purposes — is having your local tax collector tell you that your tax payment is overdue. That happened to 2,400 homeowners in upstate New York, according to LocalSYR.com. Tax rebate endangered: Technically, the property owners in Onondaga County didn't get a past due bill. Instead, they incorrectly received notice from the Empire State's Department of Taxation and Finance that they could lose... Read more →


Photo by Andrea Piacquadio These last 2+ years of lingering coronavirus pandemic have prompted some folks to become more adventurous. They've done isolation 180s, now opting to hit the road. Some have even gone as far as to move far, far away from their homes. When U.S. residents make international moves for work, there's one part of the country they keep. They still must file tax returns and pay tax to Treasury on their overseas earnings. Yeah, I know. Not exactly the memento from home you wanted to take on your travels. The good news, though, is that Uncle Sam... Read more →


It didn't take much to convince the hubby and me to put on some going-out-in-public clothes today and head out to vote early. A couple of property tax reduction questions were on our local ballot. Sure, we would have done our civic duty anyway, but those proposals that would help reduce homeowners' real estate taxes definitely are a get-out-the-vote driver. More valuable homes, bigger tax bills: Here in Texas, as in many other places across the United States, home values have skyrocketed. We learned just how much when we got our latest notice a couple of weeks ago from the... Read more →


Vice President Kamala Harris looks on as President Joe Biden makes remarks on the White House lawn. (White House photo) Tax tradition return redux: Biden and Harris again release their tax returns The United States' top two elected officials were among the millions who filed 2021 tax returns this year. President Joe Biden and First Lady Jill Biden reported on their joint Form 1040 adjusted gross income of $610,702. After the figuring was done, they paid $150,439 in federal income tax, which was a 24.6 percent effective tax rate. Vice President Kamala Harris and her husband Douglas Emhoff reported more... Read more →


Do check out these following related — and legitimate — tax write-offs Sometimes your home is indeed located at the intersection of favorable tax breaks. Sometimes it's not. Below is a look at the difference between some questionable and acceptable residential (and more!) write-offs. Every tax-filing season, the great quest by filers is to find the most tax breaks. But there are some deductions and credits you should steer clear of. These expenses that don't meet Internal Revenue Service guidelines mean the agency will stop processing your tax return to give it second (or third, or …) look. At best,... Read more →


You have a mortgage that, even after refinancing at a lower rate, racks up a substantial interest bill. That home's property taxes were pretty hefty, too. (Note to self: Next appraisal period, protest the assessment.) Don't even start with your state — and county and city — income taxes. But at least your good salary meant you were able to be really generous. All those factors could mean you're in the tax-filing minority that finds itemizing expenses will get you a larger deduction than the standard amount. Here are some tips to help you get the most out of your... Read more →


Homeowners know that keeping a residence in shape is a continual effort. Most of the time, we're just trying to keep things running. That maintenance is necessary, but it doesn't do much for us when it comes to taxes. But if you decide that instead of just fixing that cranky old furnace, it's time to go greener, you could get a tax break. Geothermal heat pumps are just one of the home upgrades that qualify for the renewable energy tax credits. If you took advantage of any of them in 2021, be sure to claim them on the tax return... Read more →


Tanker unloading crude oil (Photo by Hervé Cozanet, Marine-Marchande/Wikipedia Commons) Energy is on a lot of folks' minds right now. Europeans are keeping even warier eyes on Russia's invasion of Ukraine after an attack set off a fire at the continent's largest nuclear power plant. The immediate not horrific news is that there's no sign of radiation leaks at the Zaporizhzhia facility. However, damages to the infrastructure have left the nearly 53,000 residents of the Ukrainian city of Energodar almost without heat. It's unclear what the Russians, who've taken control of the plant grounds, are planning to do with the... Read more →


I got my first tax statement today, a 1099 for some freelance work I did last year. That's just one of the documents that millions of taxpayers are awaiting so they can file their tax year 2021 returns. In addition to income statements, such as the 1099-NEC I got, 1099s with details on investment earnings, and W-2 forms for folks with wage-paying jobs, there are beau coup documents reporting tax-related transactions. Among the most common are forms detailing home related mortgage interest and taxes paid from escrow accounts, retirement account distributions, prize and gambling winnings, and in some cases, health... Read more →


Photo: United Van Lines Our house is at that age where it needs a lot of care to continue to be comfortable. That's led to more frequent discussions about whether to stay or go. I'm the nester in our family, and was the one who pushed for buying our place almost 17 years ago. But a couple of times recently, like when our main HVAC unit needed to be replaced, I've argued for just selling and letting the new owners deal with it. The hubby has been able to talk me down so far. He also knows that as much... Read more →


Home Alone original house decked out for the holidays. (Photo via Airbnb) They say you can't go home again, but you can stay in the Home Alone house. Or at least four lucky movie fans will be there on Dec. 12, 2021. Tomorrow, Kevin McCallister's Winnetka, Illinois, residence turned criminal booby trap is welcoming the visitors for a one-night stay. The event in the house where the now-holiday-classic was filmed is not a contest, notes Airbnb. Rather, the reason for the bargain rate is that the overnight lodging is a charitable promotion that just happens to roughly coincide with the... Read more →


A faceoff from the last NHL game the hubby and I attended when we visited Washington, D.C., several years ago. Go Caps! (Photo by Kay Bell) While many U.S. taxpayers are pondering whether to pay their annual real estate by year's end to add to potential increased itemized deductions — C'mon already Congress; decide yea or nay on any state and local taxes (SALT) changes so we can act! — a professional hockey team is simply trying to straighten out the tax situation on its property. The National Hockey League's Arizona Coyotes have until Dec. 20 to pay delinquent tax... Read more →


Photo: JHL via Flickr The last couple of years have been challenging for U.S. citizens living and working abroad. The COVID-19 era for expatriates has meant they've had to deal with changing demands from their American-based employers along with the health rules of the nation where they live. One thing, however, has remained the same. Most Americans who go abroad for work still must deal with the Internal Revenue Service. They owe U.S. taxes on their income, regardless of where it's earned, because Uncle Sam still relies on a worldwide tax system at the individual level. There are, however, some... Read more →


As the fight continues on Capitol Hill over how to pay for President Joe Biden's economic and infrastructure plans, property taxes are getting a lot of attention. In one case, it's the real and continuing battle by some lawmakers to repeal or at least revise the itemized deduction limit on state and local taxes, including income and real estate levies collected at those governmental levels. In the other, it's a false claim about a new, nationwide real estate tax. SALT deduction change: First, a look at the real taxes, the state and local taxes, or SALT, collected by almost every... Read more →