Homeowners are individual taxpayers. Which means they’re eligible for a number of valuable tax benefits.
A well-known example: Homeowners can deduct the interest paid on up to $1.1 million in mortgage debt for their primary home. And that’s just for starters.
S corporations, on the other hand, offer many tax advantages but deny the homeowner benefits that individual taxpayers enjoy.
If you have an S corporation, or are even thinking about creating one, here’s a resource you shouldn’t miss… my new article titled Tax Tips: S Corporation Does Not Qualify for Homebuyer Tax Breaks.
Three ways our fact-filled article can help you:
- We’ll explain an important court decision. In an important ruling, the Tax Court listed three important characteristics of an S corporation that you need to know. You’ll find them discussed when you read the full article.
- You’ll learn when an S corporation can come in handy. An S corporation can be extremely useful when you’re up against the two-year deadline for selling your home (and being able to exclude the gain on the sale from taxation). You’ll get the whole story when you read the full article.
- We’ll provide a link to valuable information. We’ve prepared a fact-filled article you won’t want to miss. It’s called “A Bad Economy Might Dictate Selling Your Home to Yourself.” We’ll provide a link to this must-read document when you read the full article.