Saudi Arabia added new incentives to keep its mortgage boom going by scrapping a 15% value-added tax on property sales and offering other relief for home buyers amid a push by the Arab world’s largest economy to expand residential ownership.
Property transactions will instead be subject to a new 5% real estate sales tax, according to state-run news agency SPA. The government will also shoulder the cost of taxes for first-time home buyers of properties worth up to 1 million riyals ($267,000), according to a royal order published on Friday.
The threshold for the tax exemption was increased from 850,000 riyals previously for citizens buying their first homes.
Saudi Arabia’s mortgage market has emerged as a bright spot at a time the economy is reeling from the global pandemic and lower oil prices, with citizen unemployment hitting its highest level on record in the
The IRS is offering some relief for taxpayers with defective imported drywall in their homes. Drywall produced in China has been linked to a rotten egg smell and corroded metal components in homes across the U.S. The Consumer Product Safety Commission (CPSC) has received nearly 4,000 reports from residents in 39 states about problem drywall.
The IRS is allowing homeowners to treat damages from the drywall as a deductible casualty loss. A casualty loss deduction is generally the total of your unreimbursed loss reduced by $100 ($500 for 2009) and further reduced by 10% of your adjusted gross income. You have time itemize to claim a casualty loss.
Here’s how it works:
–Damages had to occur from imported drywall installed in homes between 2001 and 2009.
–To be considered “corrosive,” drywall must meet the CPSC’s two-step identification method.
–Taxpayers can claim unreimbursed amounts paid to
The Saskatchewan Party is promising a new home renovation tax credit while the NDP said it would bring in a wealth tax as the election campaign came to Saskatoon on Wednesday.
Scott Moe, the leader of the Saskatchewan Party, said homeowners would be able to claim a 10.5 per cent tax credit on up to $20,000 of eligible renovations under his proposed tax credit.
“In this year’s budget, we reduced the PST on new home construction,” Moe said in a statement.
“We also want to provide a break to those who are fixing up their existing home. This new home renovation tax credit does just that.”
Saskatchewan election tracker 2020
The tax credit would include permanent additions to a homeowner’s primary residence but does not include items like furniture, appliances, hot tubs, tools or maintenance, Moe said
The cost of the program — which
SASKATOON — Saskatchewan Party Leader Scott Moe is promising to bring in a new tax credit for home renovations if his party is re-elected.
Moe says he believes the credit would help drive the economy and make renovations more affordable — key themes of his campaign for the Oct. 26 vote.
Homeowners would be able to claim about 11 per cent on up to $20,000 worth of renovation-related expenses between Oct. 1 and the end of 2022.
The Saskatchewan Party says the credit would save people up to $2,100 and cost the province $124 million over two years.
Moe says the credit would benefit the economy by encouraging people to spend money and hire for building.
He made the announcement in Saskatoon, one of the cities considered an election battleground.
More specifically, he was in the NDP-held constituency of Saskatoon Riversdale along with
The coronavirus has millions of Americans working from home who never did before. If you’re one of them, you may be anticipating you’re entitled to some new tax breaks due to your new work location.
Unfortunately, the IRS has issued a recent reminder about an important rule that could affect your eligibility for one key deduction that new work-from-home employees may have been thinking about claiming.
Don’t count on this tax savings
For those who have suddenly found themselves doing work out of their home, the home office deduction may seem like a natural new tax break to claim. There’s just one big problem with that. As the IRS recently reminded taxpayers, the home office deduction is only available to:
- Self-employed taxpayers.
- Independent contractors.
- Individuals who are working in the gig economy.
Because of the Tax Cuts and Jobs Act, the deduction is not available to
Nearly 40% of Americans are working from home. While some were working from home before the pandemic, millions more now find their home to be their new office. Many companies plan on keeping things this way for a while. Here are some tips to help make working from home more comfortable and efficient.
Create Your Space
Find a designated area in your home to set up your office space. Try to keep it in an area that is fairly quiet, especially if you will be on calls and meetings. If you are going to be on-camera for meetings, look for a space with good lighting. You may need to add additional table or floor lamps.
Make it as comfy as possible, especially your chair. You can purchase special pillows for back support and comfort. If you don’t have the ability to set up your workspace in a separate room, consider