Month: May 2017

How to sidestep the wash sale tax rule

Usually if you sell securities and the transaction results in a loss, you can use the loss to offset capital gains, plus up to $3,000 of ordinary annual income. Any excess loss over that amount is then carried over and…

Ground rules for home office deductions

Do you often work from the comfort of your own home? Depending on your circumstances, you may qualify for a home office deduction that can reduce your tax liability. The tax law says you can claim a home office deduction…

A tax break for business travel with your spouse

uppose you’re planning to take a business trip across the country. Are you eligible for tax benefits if you invite your spouse to accompany you? It depends on your circumstances. Specifically, the tax rules differ if your spouse is an…

The tax lowdown on paying mortgage points

Suppose you’re buying a home and searching for a mortgage. There are a myriad of choices in today’s marketplace with interest rates at near-record lows. In some cases, you may qualify for a rock-bottom rate if you agree to pay…