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Ten Tax Tips for Individuals Selling Their Home

Our Miami CPA Firm has some important information to share with individuals who have sold or are about to sell their home. If you have a gain from the sale of your main home, you may qualify to exclude all or part of that gain from your income. Here are ten tips from the IRS to keep in mind when selling your home.

How the IRS Examines Repair and Maintenance Costs

Taxpayers are generally allowed to deduct the cost of making incidental repairs to their property used in carrying on any trade or business under IRC § 162 and Treas. Reg. § 1.162-4. However, to be deductible currently, a repair cost must not be subject to capitalization under IRC § 263(a). Specifically, no deduction is allowed for (1) any amount paid for new buildings or for permanent improvements that increase the value of the property or (2) any amount spent restoring property or in making good the exhaustion of property for which a depreciation allowance has been made. Treas. Reg. § 1.263(a)-1(b) specifies that capital expenditures include amounts paid or incurred to (1) add to the value or substantially prolong the useful life of property owned by the taxpayer or (2) adapt the property to a new or different use.

Medical and Dental Expenses

If you itemize your deductions on Form 1040, Schedule A, you may be able to deduct expenses you paid in 2010 for medical care – including dental – for yourself, your spouse, and your dependents. Here are six things the IRS wants you to know about medical and dental expenses and other benefits.

For itemizers, IRS has set a tax-filing date of Feb. 14

Taxpayers who claim itemized deductions will be able to file their federal tax returns starting Feb. 14, the IRS said Thursday. While the tax-filing season began on Jan. 4, the IRS announced last year that taxpayers who itemize — which includes just about everyone who has a mortgage — would have to wait until at least mid-February to file.

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