The office in home deduction allows qualified taxpayers in Oregon and the U.S. to deduct an in-home office when they file their taxes. To claim the home office deduction, taxpayers must “exclusively” and “regularly” use part of their home or a separate structure on their property as their place to conduct business. Details about the …
When you sell your primary home, you may be able to exclude $250,000 of gain from the sale and avoid paying taxes on it. The capital gain exclusion is increased to $500,000 for a married couple filing jointly. To qualify for the maximum exclusion of gain, you must meet the Eligibility Test. Eligibility Test Step …
Selling your Primary Home and Calculating the Capital Gain Exclusion Read More »
As a result of the Inflation Reduction Act, the IRS is now offering a Free File Service for Taxpayers who made $73,000 or less in 2022. The service is effective beginning on January 13th 2023; however, those returns won’t be processed until January 23rd, 2023 when the IRS first accepts any electronically filed tax returns. …