Calculating property tax

Q. What are last minute property tax deductions I can make for my 2020 federal tax return in the U.S.?

A. For homeowners, property-related income tax deductions are limited.


Former President Donald Trump’s Tax Cuts and Jobs Act of 2017 reduced the amount of state-and-local taxes filers can deduct, according to Harvey Bezozi, a CPA and president of the Boca Raton, Florida-based company Your Financial Wizard.

“Before the Tax Cuts and Jobs Act, homeowners were able to deduct on their personal tax returns the property taxes paid for their personal residences,” he said. “[It] significantly reduced this deduction, along with the deduction for state-and-local income taxes withheld from wages, and now limits these combined deductions to a cap of $10,000.”

Politicians from states with high property taxes such as New Jersey, Illinois and California have made several attempts to work around the cap or get it repealed, but to no avail. It is set to expire at the end of 2025.

For investors, there are more options, Mr. Bezozi said.

“Rental property owners…can deduct a variety of business expenses against rental income from their properties,” he explained.

That includes everything from advertising for tenants to cleaning, maintenance and repairs, plus expenses like insurance, legal and other fees, mortgage interest and real estate taxes.

Depreciation of a rental building can also be deducted, Mr. Bezozi noted. Owners can deduct the cost of the building over 27.5 years, which can lead to tax savings.

In addition, if a rental property operated at a loss in 2020, there could be further deductions.

“If a property generates a net loss, there are rules to follow regarding whether the loss is currently deductible on the owner’s tax return, or if it must be suspended until the property is sold sometime in the future,” Mr. Bezozi explained.

These passive activity loss, or PAL, guidelines are subject to an investor’s passive income, but there are exceptions. It’s best to consult a tax expert to help navigate these rules.

This article first appeared on Mansion Global.

CA Home - Curb Appeal

Even if you are not planning to sell your home anytime soon, a fresh and welcoming exterior is a wonderful thing to come home to each day. From front doors, house numbers and porch furnishings to color schemes, landscaping and basic repairs, this smorgasbord of ideas will hopefully inspire a few changes around your own home.

  1. Add big, bold house numbers. It’s so easy to swap out house numbers, and this one thing can make a huge impact. Echo your house style in the numbers you choose — a clean sans serif font for a modern house, hand-painted tiles for a cottage, aged copper for a Prairie-style home etc.
  2. Paint the front door. A front door that pops can be hugely cheering.
  3. Add fresh porch furniture. A pair of matching rockers, Adirondack chairs or a cozy glider is a must when you have a front porch that is visible from the street.
  4. Swap out porch lighting. Try replacing tiny sconces with a big, statement-making pendant light, add recessed lighting beneath the eaves or install solar lights along the front walk
  5. Add a hot-red accent. Red has such vibrancy; a little goes a very long way. Try a bright red bench, planter or mailbox to add zing that can be seen from across the street.
  6. Do some hardscaping. Built-in concrete planters, a low stone wall or new paths are all great ways to add structure to your front yard that will last for many years to come.
  7. Spruce up the side yard. Camouflage an eyesore with attractive fencing, clear out weeds and lay out a neat path to the backyard.
  8. Add depth with a fence. A low fence around a property not only adds a welcome boundary between a hectic street and a private space, but it also makes the front yard seem larger.
  9. Replace a lawn with flowers. Dig up part or all of your front lawn and plant perennials instead for a lush landscape that sets your house apart.
  10. Repair the driveway and paths. Cement, stone and pavement all can split and crack over time. Repairing or replacing damaged areas can do wonders to freshen up your home’s street view.
  11. Create curb appeal even in the city. When you live in the city, it can be hard to personalize your home’s exterior. Work with what you have by adding neat window planters, glossy black shutters, good lighting and clearly visible house numbers.

This article first
appeared on houzz.com
12 Ways to Make Your Kitchen Look and Feel Bigger

A kitchen of any size can feel roomy if you know a few tricks. Sticking to white cabinets and walls is a good start, but there are many other ways to create extra room in your kitchen, or create the illusion of a bigger space than you have, all without sacrificing a sense of personality. Here are 12 of my favorite ways to balance storage, style and long sightlines to get a functional layout with a spacious vibe.

1. Consider Shallow Cabinets

Here’s some outside-the-box thinking: Not all of your lower cabinets must be the standard 24-inch depth. Most cabinet lines (even stock cabinets from big box stores) also come in a 12- or 15-inch depth usually used for upper cabinets.

Using slimmer lower cabinets for one area has its advantages. It opens a bit more floor space, which can make a big difference in a tight kitchen. It also reduces your storage slightly, but often the backs of deep cabinets are hard to reach anyway, so the shallower cabinets can be just right for everyday items.

2. Reduce Your Hardware

It’s a no-brainer that eliminating counter clutter is important for keeping a kitchen looking open and breezy, but you can take this a step further by removing the hardware.

Using cabinet doors with touch-activated latches or integrated reach-in pulls reinforces the clean lines of your new kitchen, which subtly helps it appear bigger. It also gives you fewer little items to bump into or get caught on your clothing, so the space will feel easier to move in too.

3. Rethink the Double Sink

Clients often request a double sink — sometimes before anything else. Large double sinks have their uses, but if you’re willing to compromise and choose a single sink (or even a one-and-a-half sink with a slim second bowl), it can open up better storage options and more unbroken counter space.

This applies especially to stock cabinet lines, which include a limited number of size options.

If your sink is centered on the window, without a ton of room on either side, this can create a “dead zone” next to it that can’t accommodate anything. Using a smaller cabinet for the sink frees up room on either side, which can open up new options for adjacent cabinets.

For example, switching from a 36-inch sink cabinet (for a double sink) to a 24-inch cabinet (for a single sink) frees up 6 inches on both sides. This can turn 6 inches of adjacent space into 12 inches, which is enough for a usable cabinet.

If you don’t think you’ll use that second sink bowl frequently, it’s worth exploring what else that space could be used for.

4. Choose a Compact Dishwasher

Most standard dishwashers come in a 24-inch width, but compact or “condo-sized” dishwashers in an 18-inch width are growing in popularity.

Saving that 6 inches can give you a bigger cabinet elsewhere. Naturally, a smaller washer also fills up faster, which means you can run a full load more often instead of waiting a day between washes or running the machine while only half full. For smaller households this can be a perfect option.

5. Put Your Fridge on a Diet

Speaking of saving inches, choosing a slimmer refrigerator can really open up your kitchen as well. Clients usually want the largest fridge they can fit, but these large 36-inches-and-up models often end up full of clutter or simply remain half empty.

If you don’t cook often, or frequently shop for fresh produce, try slimming down your fridge to 30 inches or even 28 inches and leaving more room open for other essentials.

6. Use Panel Appliances

Not prepared to choose compact appliances? You can still get a much lighter look.

Panel-ready appliances (usually fridges and dishwashers) are designed to be able to receive a door front of your choosing so they can blend into the look of your kitchen cabinets. The resulting look is more fluid, which creates an overall larger, airier appearance. It’s usually not an inexpensive upgrade, but it definitely creates a look of sophisticated luxury.
Toronto Interior Design Group
7. Mirror Your Backsplash

When you’re tucked into the kitchen working away on dinner, that’s when the space usually feels the smallest.

Using a mirror for the backsplash opens up the sightlines, making the room seem much bigger, especially from close up. For a smart, moodier effect, use a tinted glass so the reflection is more subtle.

8. Use Shelf Uppers

In a small kitchen, removing all the upper cabinets may not be a practical option, but you can always use as much or as little as you like to house just your most attractive everyday items.

A few open shelves on one wall will perfectly hold daily-use tableware, storage jars and bins, and cookbooks, and give the room a much more open feel. It can also give a beautiful window a little more space to breathe so the whole room feels less stuffed.
Toronto Interior Design Group
You don’t even have to fully commit to shelf uppers. Try simply removing the doors from a cabinet to simulate this breezy look. You can always put the doors back on later if you want to.

9. Add Glass Door Cabinets

Here’s another way to lighten your uppers, but without actually changing your storage. Switch out typical solid cabinet fronts to doors with glass inserts to make the look much airier.

Use this cabinet to display attractive drinkware, or use frosted glass so you only get a faint peek at the mishmash of items stored within.

10. Install Cabinet Lighting

The importance of good lighting cannot be stressed enough, and in kitchens especially the lighting is often insufficient, coming just from ceiling fixtures in the center of the room. Add lighting under, above and even inside the cabinets to make the room feel much brighter and bigger, as the dark shadows around the cabinets would otherwise visually shrink the space.

For a quick fix, add plug-in LED strip fixtures or battery-powered tap lights under the cabinets for extra brightness.

11. Use a Short Backsplash

So you’ve carefully configured your storage, and now you’ve got some beautiful open wall space. To make that wall look 10 feet tall (even if it’s only 8), try using a short, minimal backsplash in a color that blends with the wall. The lack of an obvious dividing line between where the tile stops and the plain wall starts keeps the planes of the wall looking taller, so your open space looks positively vast.

Alternatively, if you have the budget, you can take tile all the way to the ceiling or use a chic slab backsplash for a truly unbroken appearance.

Try a stainless steel backsplash to present a subtle sheen that almost acts like a mirror (as discussed above), giving the room a sense of depth and echoing the finishes of steel appliances or fixtures.

12. Unwrap Your Hood

You may not want to eliminate any true upper cabinets, but the partial cabinets that wrap around a hood fan usually have little function other than hiding ductwork. Choose a beautiful range hood that is meant to be seen, and let it create a little visual break from the upper cabinets. Even this small bit of depth can make a kitchen feel less claustrophobic.


This article first
appeared on houzz.com
Freshly made bed with throw pillows. February Checklist

February is a time of year to indulge in home comforts like cooking big-batch meals, reading in the afternoon and watching movies with the family. Here are a dozen ideas to add to your to-do list this month, from the necessary (clearing sidewalks of snow and ice, say) to the just-for-fun (treating yourself to weekly flowers).

Things to Check Off Your List in an Hour or Less

1. Rotate your mattress. 
Before you put on a fresh set of sheets, take an extra minute to rotate the mattress if you haven’t done so recently. Rotating your mattress every few months will help it wear more evenly and extend its life (and comfort).

2. Pack up a bag of old sheets and towels to donate. If you bought new sheets or towels during January white sales, make some room by letting go of an old set or two. Homeless shelters and some churches will accept donations of bedding and towels in good condition, and animal shelters are often in need of towels. (Check that donations are being currently accepted.) Really worn linens can be cut up and used as rags or dropped in a textile recycling bin.

3. Clean entryway floors. If winters are cold where you are, road salt and melting snow can mean entryway floors take a beating. Pick up clutter and give the floors a good mopping.

To keep floors looking their best between cleanings, stash a few old towels in a basket near the door to wipe up messes.

4. Keep sidewalks and entryways free of ice and snow (even while you’re away). Ice and snow can make walkways dangerous for visitors. Aim to shovel snow promptly, and sprinkle gravel, straw or wood chips to provide traction. Frequent light shoveling is better than letting the snow build up. And if you plan to be away during an expected winter storm, hire someone to clear the sidewalk and front steps of your home while you’re gone. Your neighbors and mail carrier will thank you.

Tackle These Tasks Over a Weekend

5. Cook to stock up your freezer. A few hours of cooking on a weekend can produce major dividends if you focus your efforts on big-batch suppers that can be frozen and reheated later.

Knowing that you have homemade soup, stew, chili or casseroles in the freezer makes facing weeknight dinners much less stressful. Just add crusty bread and a simple salad and dinner will be ready in no time.

6. Organize bookshelves. Pull out volumes that you didn’t enjoy or are finished with and sell or donate them, leaving a bit of extra room on each shelf for new titles. And if you get distracted by beloved old books you had forgotten about, just roll with it. After all, there are few better places to spend a winter afternoon than in a comfortable chair with a good book.

7. Refresh your movie-watching zone. Winter is a good time to catch up on movies you missed in the theater or to binge-watch your favorite shows. So why not make your movie-watching zone as comfy and cozy as possible? Start by vacuuming the floors and upholstery (using a vacuum attachment) and by clearing away clutter. Next, assess your collection of movies and games, donating extras to charity. Finally, make sure there are plenty of comfortable pillows and throws and lighting that can be dimmed.

8. Boost warmth. Stay toasty and save on energy bills by blocking drafty doors with door sweeps or door snakes and warming up with rugs, throws and duvets. For even more energy savings, shut doors to unused rooms, move furniture away from heating vents and close the chimney flue when it’s not in use.

9. Check bathrooms for moisture, mildew and mold. It can be hard to give bathrooms enough ventilation when the house is closed up tight for winter.

Unfortunately, that buildup of moisture can lead to mildew or even harmful mold. Give the bathroom a thorough cleaning, paying special attention to grout, the ceiling and any other areas showing signs of excess moisture.

10. Clean the dryer vent (and check for blockages outside). Having the buildup of lint cleaned from your dryer vent at least once a year is essential to keeping your dryer working efficiently and preventing a potential dryer fire. In winter, snow can block the exterior vent, so take a walk outside your home to inspect the vent and remove snow or debris if needed.

Maintenance and Extras to Budget for This Month

11. Start planning for a spring or summer home sale.
 If you’re considering putting your home on the market this year, it’s a good idea to start the process now. Set a timetable, interview potential real estate agents and make a list of projects that need to get done to help your home show well.

12. Indulge in weekly fresh flowers. With Valentine’s Day happening this month, the markets will be filled with fresh flowers at good prices. Treat your home to a bouquet of fresh-cut blooms once a week to add a little cheer — spring may still be a ways off, but that doesn’t mean your dining table can’t look like a garden in bloom!

This article first
appeared on houzz.com.