1031 Tax Exchange Basics

Federal and State Capital Gain Taxes Can Be Costly! A 1031 exchange can defer the capital gain taxes that are due when you sell property that has increased in value or been depreciated for tax purposes. Section 1031 of the U.S. Internal Revenue Code allows investors to defer capital gains taxes on the exchange of […]

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October 4, 2016

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Use Your Tax Refund on Your Home

Have you filed your taxes yet? You can use your tax refund for so many things regarding home ownership. We know — tax season isn’t anybody’s favorite time of the year (except, of course, tax accountants). But if you’re expecting a refund, now is a great time to reinvest that money in your home. Whether […]

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April 4, 2016

STAR Exemption

School Tax Relief Exemption (STAR) Information There are two different types of STAR exemptions: Basic STAR has no age limit; it is available to anyone with a household income under $500,000 Enhanced STAR is for people age 65 and over; it is available when the household income is less than $79,050 Basic STAR No age […]

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March 11, 2016

Taxes and Your New Home

If you bought a new home in 2015, there are some important things to think about as you get ready for tax season. Mortgage Interest One of the biggest perks of owning your own home is the benefit of deducting your mortgage interest. You can deduct home mortgage interest if you file Form 1040 and […]

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March 3, 2016

Tax Tips for New Homeowners

Congratulations on your new home! Whether a condominium, cooperative apartment, single-family home, townhouse or mobile home, your home-sweet-home affects your tax status. If this is the first year you’ll be filing your taxes as a homeowner, there are a few things you need to know to take the most advantage of your new status. Before […]

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February 23, 2016

IRS Mortgage Tax Deductions

Western New Yorkers are busy preparing their taxes and there are some things that you may not remember that are to your benefit. As tax time is upon us and with all the talk about recession, politics and the housing market, most people are not focused on the fact that we are only ten days from tax day.

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April 2, 2015

Tax Considerations For Home Sellers

Now that the wrapping is all of the gifts and the tree is looking a little bedraggled, it’s time to take a look at your end of the year financial picture. Congress recently passed a bill extending a collection of tax breaks. While many of these only apply to special interests such as research and […]

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January 3, 2015