Any earning person today, turns out to be an investor. Since the number of investors have increased hence it is no longer important to invest huge amounts in big things. The most common article of investment in the present times is the real estate. Almost every second person has some kind of property ownership up his sleeve. The increasing profits attached to real estate are leading to large scale investments in it.
But that does leave it untouched by taxation. Whether you own a property, are selling one or even buying one, there is a percentage of tax you have to pay, in order to secure the property. So, it is very important for you to understand the various tax concerns related to real estate if you are or plan to be a real estate owner. Failure in understanding clearly the tax rules, you could end up incurring heavy losses upon yourself, it is hence very important to consult extremely expert attorneys who are specialists in dealing with real estate, such as Blake Rubin
If you have to name the best real estate attorney in all over America it has to be Blake. He is the most renowned and prestigious attorney acclaimed to be a masterful attorney. His fame as a lawyer of real estate cases has earned him the title of “an absolute sterling attorney”. The Legal 500 in fact, hugely recommends his name in handling real estate as well as partnership matters. He has the reputation of being intrinsically involved in the Tax Reform Act of 1986.
- The first basic principle about real estate tax is that, you are liable to get tax exemption when you sell your property – if you happen to sell your property for not more than $250,000 as an individual and $500,000 as a partner, then you are eligible to get exemption from tax, but for that you need to file a request. The only criterion here is that the property you are selling has to be your primary residence. If in case the selling amount exceeds the above mentioned then the tax is charged on the exceeded amount.
- The Deductable Mortgage Interest – the mortgage interests that usually one pays while purchasing a house is the largest form of tax deduction. This property does not necessarily have to be your primary residence; it could be a second property too. As a matter of fact, the payments that you make against your primary mortgage and home equity loans are all deductible.
- Losses Incurred Reduce Tax – if you experienced a loss in the dealing of a real estate by having purchased it for a higher amount than its selling price then you can always file a request and it shall be deducted from your tax.
- Reinvestment – in case the property you sold was not your primary residence then you should go for this option within the next two years and it will immensely help you in avoiding capital gains tax on your property.
These above and every other issue related to real estate can be solved in the best possible way by none other than the highly recommended industry leader in real estate and partnership attorney Blake Rubin