Mortgage Matters: To Pay Down or Not To Pay Down
If you’re a homeowner and manage your finances well, you might have extra cash after you’ve paid your monthly bills. What should you do with this extra money? Some would say make additional mortgage payments toward your principal to pay off your mortgage early. Others would say: No, invest those dollars in the stock market! The decision is very much about risk vs. return. There’s little, if any, risk [...]
Multistate Resident? Watch Out for Double Taxation
Contrary to popular belief, there’s nothing in the U.S. Constitution or federal law that prohibits multiple states from collecting tax on the same income. Although many states provide tax credits to prevent double taxation, those credits are sometimes unavailable. If you maintain residences in more than one state, here are some points to keep in mind. Domicile vs. Residence Generally, if you’re “domiciled” in a state, you’re subject to [...]
Vacation Homes: Do You Understand the Tax Nuances?
Owning a vacation home can offer tax breaks, but they may differ from those associated with a primary residence. The key is whether a vacation home is used solely for personal enjoyment or is also rented out to tenants. Sorting It Out If your vacation home is not rented out, or if you rent it out for no more than 14 days a year, the tax benefits are essentially [...]
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