Despite the real-estate meltdown, millions of Americans still have substantial equity in their homes. The question is whether they should do anything with that wealth.
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Despite the real-estate meltdown, millions of Americans still have substantial equity in their homes. The question is whether they should do anything with that wealth. You might be happy if store prices aren’t rising, but at the same time, Social Security checks aren’t getting any bigger, and your CD might pay only a penny on the dollar. This checklist can be your personal guide to compiling and organizing your tax documents. It can save you time and remind you which tax documents you’ve gathered throughout the year. If you’re living in or hunting for a house in an attractive neighborhood, take a closer look. If other folks are facing foreclosure, you’ll pay the price in lost property value. Common mistakes include opting for a cut-rate policy that can stick you with tens of thousands of dollars in out-of-pocket expenses. The IRS rejected the casualty loss deduction of a drunken driver who wrecked his vehicle. But the man won an appeal to the Tax Court. |
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