866.806.4420
Don’t rouse the IRS or pay more taxes than necessary — know the score on each home tax deduction and credit. As you calculate your tax returns, consider each home tax deduction and credit you are — and are not — entitled to. Running afoul of any of these 9 home-related tax mistakes — which tax pros say are especially common — can cost you money or draw the IRS to your doorstep. [...] Please continue reading on our blog.
Property tax deduction You can deduct on Schedule A the real estate property taxes you pay. If you have a mortgage with an escrow account, the amount of real estate property taxes you paid shows up on your annual escrow statement. [...] Please continue reading on our blog.
Home buyer tax credit There were federal first-time home buyer tax credits in 2008, 2009, and 2010. [...] Please continue reading on our blog.
Vacation home tax deductions The rules on tax deductions for vacation homes are complicated. Do yourself a favor and keep good records about how and when you use your vacation home. [...] Please continue reading on our blog.
Well it’s getting to be that time of year when we change the clocks ahead and we find we have a little more daylight at the end of the work day to come home and see what the winter has left for us to clean up around the house. This means the yard work that we will soon be doing is close at hand. [...] Please continue reading on our blog at https://finelinehomes.wpengine.com/blog
Energy tax credits The energy tax credit of up to a lifetime $500 had expired in 2011. But the Feds extended it for 2012 and 2013. If you upgraded one of the following systems this year, it’s an opportunity for a dollar-for-dollar reduction in your tax liability: If you get the $500 credit, you pay $500 less in taxes. [...] Please continue reading on our blog.
As we spring forward an hour for Daylight Savings, it's a great reminder to make sure you have a working smoke alarm in your home. Smoke alarms significantly increase your chances of surviving a deadly home fire, so we are encouraging everyone to take these simple steps to be prepared: Test and clean your smoke alarms today and on the first of every month Replace the batteries at least once a year Place smoke alarms on every level of your residence and in every bedroom Check the manufacture/expiration date on the smoke alarm (yes, smoke alarms have expiration dates)
Prepaid interest (or points) you paid when you took out your mortgage is 100% deductible in the year you paid them along with other mortgage interest. If you refinance your mortgage and use that money for home improvements, any points you pay are also deductible in the same year. [...] Please continue reading on our blog.
Helpfully, the government extended the mortgage insurance premium deduction through 2013. You can deduct the cost of private mortgage insurance as mortgage interest on Schedule A — meaning you must itemize your return. The change only applies to loans taken out in 2007 or later. [...] Please continue reading on our blog.
Mortgage interest deduction One of the neatest deductions itemizing home owners can take advantage of is the mortgage interest deduction, which you claim on Schedule A. To get the mortgage interest deduction, your mortgage must be secured by your home — and your home can even be a house trailer or boat, as long as you can sleep in it, cook in it, and it has a toilet. [...] Please continue reading on our blog
