The home mortgage interest deduction under the TCJA
The Tax Cuts & Jobs Act (TCJA) altered the tax code to a degree not seen before in decades. The TCJA eliminated 1031 exchanges of personal property, for instance. Prior to the TCJA, personal property 1031 exchanges were performed very frequently; it was common for car rental companies, as an example, to regularly exchange their old rental vehicles for new ones. The TCJA also made a major change to the deductibility of mortgage...
Home renovations tips to sell your home more quickly
When first placing your home on the market, you could notice an influx of visitors traveling in and out without making any serious offers upfront. If your house has been up for quite some time, this lack of offers could be pointing in the direction of a much-needed renovation. Sometimes, in order to sell a home at a sufficient rate, specific improvements need to take place for buyers to really see its value. Even with the smallest of...
Understanding mortgage boot in a section 1031 exchange
Mortgage boot is one of the two most common types of boot encountered in a 1031 exchange. The other common type of boot is cash boot. It’s a rare thing to encounter another type of boot in an exchange. In technical lingo, boot is any property received as consideration in an exchange which is not of a like-kind to the relinquished property. Today, because of the change made by the TCJA, this means any personal property received will...
How to maximize the odds of selling your home at the full asking price
Home sales rarely go smooth and most of the owners end up reducing the initial price. If you are eager to complete the transaction quickly and get the full asking price, we would have to shatter your illusion right away. Most of the properties on sales go all the way through price reductions and eroding profit margins just to meet the potential buyer’s budget. Prompting those reductions is, to say the least, painful, and no one...
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