2014 Tax Tip Refresher!

2014 Tax Tip Refresher!

Congratulations! You’ve just taken another step up the American dream ladder and are a homeowner. Along with the joy of painting, plumbing and yard work, you’ll now have an added dimension to your taxes.

The good news is that you can deduct many home-related expenses. These advantages apply to any type of residence–mobile home, single-family, townhouse, condominium or cooperative apartment.

The bad news is that to take full tax advantage of your home, you need to itemize your deductions on Schedule A. You’re not living on “EZ” Street anymore; you’ve moved to the 1040 long form.

Avoid common mistakes and freshen up on some of the financial benefits of homeownership this tax season!

Home Sweet Homeowner Tax Breaks!

Tax Breaks On Laptop Showing Internet Taxing And Online Payments

A Homeowner’s Guide To Taxes!

Congratulations, you’ve just taken another step up the American-dream ladder and are a homeowner. Along with the joy of painting, plumbing and yard work, you now have some new tax considerations.

The good news is you can deduct many home-related expenses. These tax breaks are available for any abode—mobile home, single-family residence, town house, condominium or cooperative apartment.

The bad news is, to take full tax advantage of your home, your taxes will likely get more complicated. In most cases, homeowners itemize. That means you’re not living on “EZ” Street anymore; you’ve moved to Form 1040 and Schedule A, where you’ll have to detail your tax deductible expenses.

For many homeowners, the effort of itemizing is well worth it at tax time. Some, however, might find claiming the standard deduction remains their best move.

If you do find that itemizing is best for your tax situation, here’s a look at homeowner expenses you can deduct on Schedule A, ones you can’t and some tips to get the most tax advantages out of your new property-owning status. Read more here, and also by clicking on the image above.

Mortgage Relief Tax Exemption Set To Expire, Threatening Struggling Homeowners!

Global warming, house on a lifebelt, rising sea levels, flooding

Mortgage Relief Tax Exemption Set To Expire, Threatening Struggling Homeowners!

Beginning on January 1, 2013, people who lose their home to foreclosure will be required to pay federal taxes on any unpaid mortgage the bank can’t recoup through an auction. The same will be true for homeowners whose loan principal is reduced by a mortgage modification, with the wiped-out loan being treated as taxable income.

The new tax obligation will hit because the Mortgage Forgiveness Debt Relief Act expires at the end of 2012. The 2007 law was passed to save struggling homeowners from getting whacked twice, first by the sagging housing market and second by the Internal Revenue Service. Its expiration could push more people to remain in homes worth less than their mortgages, slowing the housing market’s recovery. Read more

Tax Tips for Sellers!

Deduct mortgage interest on taxes

Tax Tips for Sellers!

If you sold your main home in 2010, you may be able to exclude from income any gain up to a limit of $250,000 ($500,000 on a joint return in most cases). If you can exclude all the gain, you do not need to report the sale on your tax return. Do you qualify? Read more