Feb 1st
Tax tips for new home owner?
- Posted in Taxes Q&A
- Comments 3
I purchased a house last year and am unsure which expense are tax deductible. Can anyone give me tips or point me to a website that provides this information?
I purchased a house last year and am unsure which expense are tax deductible. Can anyone give me tips or point me to a website that provides this information?
American Recovery and Reinvestment Act of 2009, formerly known as the “stimulus bill,” first-time home buyers are eligible for a refundable tax credit of up to $8,000 this year. Here is what you need to know in order to claim the credit.
I own an income tax business as well as other business. Have you applied for the first-time homebuyer credit? You can recieve up to 7,500k or 10% of the sales price below 75,000. Example: 55,000 = 5,500
I myself applied for it and recieved which as a great bonus for me
Have a good one.
http://www.maverickmoneymakerspoint.com
The most common home owners deductible expenses are mortgage interest and real estate taxes. If your mortgage company charged “points” on your loan those are not deductible in most cases.. Here is an IRS web site that will help you out:
http://www.irs.gov/taxtopics/tc500.html
Occasionaly there are some energy credit credits for additions or improvements to your home to reduce your energy costs.
Note, disregard the one response about the 8K first time buyers credit. It will not apply to you since your purchased your home in 2008. ~