In early February, I shared about a new IRS law that would effect those who own rental properties, where a 1099 would have to be given to anyone who worked on that property if the total amount of work they did was over $600 over any year. The U.S. House of Representatives voted to repeal [...]
The IRS has issued a new law for rental property owners who have work done on their house over $600. This is part of the Small Business Jobs Act of 2010 (Law H.R. 5297), which expanded the law from multiple family units to individual owners. They are now considered to be conducting a trade or [...]
Not only is the mortgage insurance deduction in homeowners' taxes creating an issue in Congress as the government struggles to balance the budget, if you are one of the many homeowners who DO take this deduction, you cannot file your 2010 taxes yet. This is due to tax laws that were enacted at the end [...]