The current federal estate tax exemption ($12.06 million in 2022) means that many people aren’t concerned with estate tax. But they should still plan to save income taxes. For example, be careful making lifetime transfers of appreciated assets. It’s true that the assets and future appreciation generated by them are removed from your estate. But […]
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Seller-paid points: Can homeowners deduct them?
The National Association of Realtors reports that July 2022 existing home sales were down but prices were up nationwide, compared with 2021. If you’re a homebuyer, you may wonder if you can deduct mortgage points paid on your behalf by the seller. The answer is “yes,” subject to some important limits. For example, the rule […]