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Montgomery AL Vacation and Investment Home Taxes

Thursday, February 14, 2008
by The Hat Team

Most of us are in the thick of  preparing our 2007 taxes, so I wanted to spend some time this week covering issues related to paying taxes on vacation homes.  Many homeowners in Alabama also own vacation or investment properties – but can these homes truly be claimed as vacation properties?

 

This article from RealEstateJournal.com answers this and other important questions, such as:

  • When and under what circumstances do I have to pay taxes on rental income?
  • What sort of deductions can owners of rental properties take?
  • If my vacation home is considered a secondary home (not a rental home), what deductions can I take?

 Once you have determined which category your property qualifies as, the chart below gives you a quick overview of what you should expect during tax season:

 

Vacation-Home Category

Rental Income

Deductions

Losses

Masters

not taxed

not available besides mortgage interest and property taxes

no tax benefit

Secondary

taxed

available

may possibly report a loss if mortgage interest and property taxes exceed rental income; but can't carry the loss forward or backward to apply to another tax year.

Rental

taxed

available

can carry losses forward, or back

 

Other helpful links on this topic:

To learn more about Montgomery AL real estate, please call me at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.com.  Or, visit InvestInMontgomeryAlabama.com to learn more about owning a Montgomery AL vacation home.

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Profile In Courage

Monday, July 9, 2007
by The Hat Team

A profile in courage was the theme of a headline article about Scho Sellers In Friday's Montgomery Advertiser, also available online at

Scho is the son of Hat Team support member Bob Sellers. If you've ever bought or sold a home with us, it was probably Bob who did needed minor repairs. And like so many of us, Scho is absolutely unwilling to give in. Fighting cancer for five years, a golf tournament on July 16 seeks to raise funds to help with medical expenses, Those of us who don't golf may want to participate also.

In Scho own words, "every day is a good day for me," please join me in making a contribution to the fund to help him have another good day.

Write a check to "Scho Sellers Golf Classic" with a memo for "medical expenses" and send to:

Sandra Nickel
Sandra Nickel,REALTORS
1044 E Fairview Ave
Montgomery, AL 36106

We'll see that it gets to him with the best wishes and appreciation of the Hat Team's vendors and friends.

Your gift will encourage him, and it will make you feel encouraged, too.

Thanks--we appreciate you!

For complete Montgomery real estate information, visit

http://www.montgomeryadvertiser.com/apps/pbcs.dll/frontpage.www.HatTeam.com For investor information, visit www.InvestInMontgomeryAlabama.com.
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