Homes For Sale in Sevierville TN-Cabins For Sale In Pigeon Forge TN-Gatlinburg TN

IRS and Sellers

Income Tax

 

 

 

 

 

 

This link takes you to the IRS publication which provides tax information for homeowners. Your home may be a house, condominium, cooperative apartment, mobile home, houseboat, or house trailer that contains sleeping space and toilet and cooking facilities.  The following topics are covered in this publication at this link.

  • How you treat items such as settlement and closing costs, real estate taxes, sales taxes, home mortgage interest, and repairs.
  • What you can and cannot deduct on your tax return.
  • The tax credit you can claim if you received a mortgage credit certificate when you bought your home.
  • Why you should keep track of adjustments to the basis of your home. (Your home’s basis generally is what it cost; adjustments include the cost of any improvements you might make.)
  • What records you should keep as proof of the basis and adjusted basis.

 

https://www.irs.gov/pub/irs-pdf/p530.pdf