Your home’s adjusted basis isn’t just what you paid—it changes over time based on home improvements, disaster repairs, forgiven debt, and tax credits. Certain upgrades increase your basis, while things like mortgage forgiveness, insurance payouts, and depreciation decrease it. Tracking these changes is key because your adjusted basis helps determine how much taxable profit you make when selling your home—and that could mean less tax owed! Read more

Your home’s “basis” is what you paid for it—plus a bunch of extra costs from closing, like title fees, legal expenses, and certain taxes. If you covered any costs the seller owed (like unpaid real estate taxes or repairs), those add to your basis too. Keeping track of these numbers is key because they can help lower your tax bill when you sell! Read more

Note: there are a few items that can adjust your basis over time. What is Adjusted Basis?

Here’s a general breakdown of the U.S. tax filing deadlines for different tax components:

1. Personal Income Tax (Form 1040)

• Deadline: April 15
• Extension: Can file for a 6-month extension (until October 15) using Form 4868.
• Special Rule for Expats: If living abroad, an automatic 2-month extension applies (until June 15), but interest still accrues.

2. C-Corporations (Form 1120)

• Deadline: April 15 (for calendar-year corporations)
• Extension: 6-month extension available (until October 15) using Form 7004.

3. S-Corporations (Form 1120-S)

• Deadline: March 15
• Extension: 6-month extension available (until September 15) using Form 7004.

4. Partnerships (Form 1065)

• Deadline: March 15
• Extension: 6-month extension available (until September 15) using Form 7004.

5. Trusts & Estates (Form 1041)

• Deadline: April 15
• Extension: 5½-month extension available (until September 30) using Form 7004.

6. Nonprofit Organizations (Form 990)

• Deadline: May 15
• Extension: 6-month extension available (until November 15) using Form 8868.

7. Estimated Quarterly Tax Payments (Individuals & Corporations)

For self-employed individuals, businesses, and others with non-withheld income, estimated taxes are due on:

• April 15 – Q1
• June 15 – Q2
• September 15 – Q3
• January 15 (of the following year) – Q4

8. Foreign Bank Account Report (FBAR – FinCEN Form 114)

• Deadline: April 15
• Automatic Extension: Until October 15 (no separate extension filing required).

These are general deadlines, and if any date falls on a weekend or holiday, the deadline shifts to the next business day. Let me know if you need more details!