Individual Tax
Mortgage interest rates are still at low levels, but they likely will increase as the Fed continues to raise rates. So if you’ve been thinking about helping your child or grandchild buy a home, consider acting soon. There also are some favorable tax factors that will help: 0% capital gains rate If your child is…
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Home ownership comes with many tax-saving opportunities. Consider both deductions and exclusions when you’re filing your 2016 return and tax planning for 2017: Property tax deduction. Property tax is generally fully deductible — unless you’re subject to the alternative minimum tax (AMT). Mortgage interest deduction. You generally can deduct interest on up to a combined…
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If you have a child in college, you may be eligible to claim the American Opportunity credit on your 2016 income tax return. If your income is too high, you won’t qualify for the credit — but your child might. There’s one potential downside: If your dependent child claims the credit, you must forgo your dependency…
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