#home-ownership
Track home ownership costs, mortgage, and property expenses
Canceled mortgage debt is taxable income again in 2026 — the IRS principal-residence exclusion expired. Insolvency and bankruptcy on Form 982 can shelter you.
Florida taxes deeds at $0.70 per $100 and mortgages at $0.35 plus $0.20 per $100 — $5,700 on a $500K purchase with a $400K loan, before title fees.
Win a US property tax appeal with evidence: fix record errors, file 3-5 arm's-length comps, and add an unequal-appraisal claim before the 30-60 day deadline.
Section 121 won't shield home-office depreciation: the IRS taxes it as unrecaptured Section 1250 gain at up to 25%, even if you never claimed it.
Conventional PMI ends two ways: request cancellation in writing at 80% LTV, or wait for automatic termination at 78%. FHA MIP can run for the loan's life.
Home equity agreements trade cash now for a share of your home's future value — no interest, but a balloon settlement and no IRS mortgage-interest deduction.
FHA, VA and USDA mortgages can be assumed at the seller's 3% rate while new loans cost 6.76%; the catch is the equity gap due at closing.
ADU rental income goes on IRS Schedule E: split shared costs by square footage, depreciate the unit over 27.5 years, and plan for 25% recapture tax at sale.
In a contract for deed, the seller keeps legal title until your last payment while you pay the taxes, insurance, and repairs. Since the CFPB's 2024 advisory opinion, covered sellers must assess ability to repay, disclose the APR, and face limits on balloon payments.
A transfer-on-death deed names a beneficiary for your house the way you would for a bank account — recorded now, revocable any time, effective only at death. More than 30 states plus DC authorize one; Florida and Michigan use the Lady Bird (enhanced life estate) deed instead. Here is what each does, how to record one correctly, and the filing errors that send families back into a 9-to-18-month probate.
A house hack is two tax properties under one roof — a Schedule E rental and a Schedule A home. Split shared costs by a documented percentage, depreciate only the rental half over 27.5 years, use up to $25,000 of rental losses against wages below $100,000 MAGI, and expect unrecaptured Section 1250 gain at up to 25% on prior depreciation when you sell.
Home inspectors average one liability claim over a career and pay roughly $989/year for E&O insurance, so amortizing that premium per job and tracking mileage, report-writing time, and licensing renewals on Schedule C is what separates a profitable inspection business from one guessing at its margins.
