IRS PUBLICATION 530 - TAX INFORMATION FOR HOMEOWNERS

A document, released by the Internal Revenue Service (IRS), that gives tax information on how to treat costs in relation to owning a home such as settlement and closing costs, mortgage interest, real estate taxes, sales taxes, and repairs. The publication explains what items can and cannot be deducted on the tax return, the tax credit that can be claimed if an owner received mortgage credit certificate upon purchasing a home, items to be tracked to set the cost basis of the property, and records to be kept as an evidence of the basis and adjusted basis. Some expenses, such as closing costs, depreciation, forfeited down payments, and insurance, cannot be deducted.

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