before-the-date

There’s a lot of discussion about the mortgage interest deduction, typically regarded as a big incentive for homeownership. As the IRS code stands , taxpayers who itemize deductions can include the accrued interest on debts secured by a principal residence or second home up to $1 million or the first $100,000 of a home equity loan. Additionally, taxpayers avoid capital gains tax on the sale of real estate property (up to $250,000 for single filers and up to $500,000 for a married couple filing jointly) used as the primary residence for at least two of the five years before the date of sale. Continue reading →