DiSabatino CPA Blog

DiSabatino CPA Blog

A blog by Michael DiSabatino CPA with topics on Tax Savings, Business, Management and more...

Where Do You Think You're Going?! State tax authorities becoming very aggressive when you move

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Suppose you retire to a new state with warm weather and lower taxes. If you keep a part-time home in your original state or you later decide to return, you could have a tax problem. State tax authorities may argue you never really left, and that you owe them a big tax bill for all the income you earned while away. Here are tips to ensure this does not happen to you.

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Renters Miss Out on Homeowner Benefits

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If you rent rather than own a home, you could be missing out on tax benefits that favor home ownership. The current low interest rates make the cost of getting a mortgage relatively inexpensive, despite U.S. house prices at record highs.

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Your Home. A Bundle of Tax Benefits.

Your Home. A Bundle of Tax Benefits.

Your Home. A Bundle of Tax Benefits.

There are many tax benefits built into home ownership. Here is a review of the most common. It may be worth a quick check to ensure you are maximizing your home ownership tax benefits.

Interest deductibility. Mortgage interest is one of the few allowed deductible interest expenses. It is limited to the first $1 million dollars in loans secured by your primary residence. Bonus: You can also deduct interest on a second home (cabin).

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Home-sale gain exclusion for those in nursing homes

Home-sale gain exclusion for those in nursing homes

A reminder about the home-sale gain exclusion for those in nursing homes.

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August 2014 DiSabatino CPA Newsletter

August 2014 DiSabatino CPA Newsletter

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In this issue:

  • Tax Benefits of Home Ownership
  • The 3D Printing Phenomenon
  • In the News. IRS Limits Direct Deposit of Refunds
  • Seven Little Money Savings Ideas

The Month of May:

    September 7th: Labor Day


Now that home values are on the rise once more, it makes sense to review the tax benefits of home ownership. Also included this month are simple ideas to save money, a summary of an IRS announcement regarding direct deposit of refunds, and an overview of an interesting 3D printing phenomenon that may impact all of us in the next few years.

As always, should you know of someone who may benefit from this information please feel free to forward this newsletter to them.

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Save you Vacation Home Deduction!

Save you Vacation Home Deduction!

Save you Vacation Home Deduction!

You can enjoy a vacation home and cut your taxes - with some careful planning and a little discipline.

The IRS rules can be complex and potentially restrictive, so a word of caution is in order as you plan the use of your vacation home.

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Simplified Option for Home Office Deduction

Simplified Option for Home Office Deduction

Do you want to simplify your tax return, yet still claim a deduction for your home office?  Beginning in tax year 2013 (returns that we will file in 2014), taxpayers may use a simplified option when figuring the deduction for business use of their home.  

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How to Secure a Home Office Deduction

How to Secure a Home Office Deduction

How to Secure a Home Office Deduction

Even if you have never before qualified for a home office deduction, you may be able to now. Starting a few years ago, the IRS began to apply more liberal rules, allowing more people to qualify for the write-off. Specifically, the old, hard-to-meet “principal place of business” standard was made much more taxpayer-friendly. But there are other scenarios that allow you to claim deductions as well.

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