IRS Publication 530 - Tax Information For Homeowners

Dictionary Says

Definition of 'IRS Publication 530 - Tax Information For Homeowners'


A document published by the Internal Revenue Service (IRS) that details how tax filers should treat costs relating to owning a home, including closing costs, mortgage interest, real estate taxes and repairs. IRS Publication 530 outlines which home-related items can and cannot be deducted on the tax return, and what items a taxpayer should keep track of in order to set the cost basis of the property. Some expenses, such as depreciation, closing costs, forfeited down payments and insurance, cannot be deducted.

Investopedia Says

Investopedia explains 'IRS Publication 530 - Tax Information For Homeowners'


Taxpayers must fill out Schedule A of Form 1040 in order to itemize home-related expenses. Itemizing deductions in this way means that the standard deduction cannot be claimed. To claim a mortgage interest credit Form 8396 (Mortgage Interest Credit) has to be used, and Form 5405 (First-Time Homebuyer Credit and Repayment of the Credit) for credits relating to the purchase of a new home.

comments powered by Disqus
Hot Definitions
  1. Closed-End Fund

    A closed-end fund is a publicly traded investment company that raises a fixed amount of capital through an initial public offering (IPO). The fund is then structured, listed and traded like a stock on a stock exchange.
  2. Payday Loan

    A type of short-term borrowing where an individual borrows a small amount at a very high rate of interest. The borrower typically writes a post-dated personal check in the amount they wish to borrow plus a fee in exchange for cash.
  3. Securitization

    The process through which an issuer creates a financial instrument by combining other financial assets and then marketing different tiers of the repackaged instruments to investors.
  4. Economic Forecasting

    The process of attempting to predict the future condition of the economy. This involves the use of statistical models utilizing variables sometimes called indicators.
  5. Chicago Mercantile Exchange - CME

    The world's second-largest exchange for futures and options on futures and the largest in the U.S. Trading involves mostly futures on interest rates, currency, equities, stock indices and agricultural products.
  6. Private Equity

    Equity capital that is not quoted on a public exchange. Private equity consists of investors and funds that make investments directly into private companies or conduct buyouts of public companies that result in a delisting of public equity.
Trading Center