April 15 is just around the corner and for those owners of Maui real estate  still getting our tax affairs in order here are some tax tips from the IRS:

• You may qualify to exclude from your income all or part of any gain from the sale of your main home. Your main home is the one in which you live most of the time. Details here.

• You generally must include in your gross income all amounts you receive as rent. Rental income is any payment you receive for the use or occupation of property. Expenses of renting property can be deducted from your gross rental income. Details here.

• Generally, if you exchange business or investment property solely for business or investment property of a like-kind, no gain or loss is recognized under Internal Revenue Code Section 1031. Details here.

Maui real estate owners also are often concerned with HARPTA and FIRPTA regulations upon a sale of their property. Remember, these are NOT taxes, but merely witholdings until one files their returns. As always, talk to your accountant about your specific situation.