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While home insurance is not generally tax-deductible, other home expenses are: Capital gains : If you sell your home and profit from the sale, you may be able to avoid paying taxes on the gain ...
Contingency fees may be taxable: If your settlement is non-taxable, legal fees won't affect your taxable income. Accident and personal injury cases, like a slip-and-fall or worker's compensation ...
In the United States, for federal taxes payable to the IRS, the money awarded in a personal injury settlement as compensation for pain and suffering, medical expenses and property damage is not ordinarily taxable. Exceptions may apply, for example, if a plaintiff took a tax deduction in a prior year for medical expenses that are recovered ...
Most home insurance companies will cover your personal belongings up to a specified level if they are at home, in your car or somewhere else. HO-2 policies may include liability coverage in some ...
A home mortgage interest deduction allows taxpayers who own their homes to reduce their taxable income [1] by the amount of interest paid on the loan which is secured by their principal residence (or, sometimes, a second home). The mortgage deduction makes home purchases more attractive, but contributes to higher house prices.
Lexington Insurance Company announced that they will discontinue home insurance, sending another 8,000 property owners to search for a new insurer. Lexington specialized in homes worth $1+ million and Citizens will only insure property values less than $700,000, so Citizens was not an option.
Tax debt relief is a way the government helps you when you can’t afford to pay your tax bill. This comes in the form of a payment plan or a settlement in which the IRS agrees to settle your tax ...
5. Buy your home insurance. Once you round up your quotes and decide the best home insurance company for you, it may be time to buy your policy. You will likely want to review the key coverage ...
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