Sunday 05 February, 2012
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Home ownership tax benefits

If you moved recently, you should notify the IRS of the change of address by filing Form 8822.

IRS Change of Address

Mortgage interest

Joint tax filers can deduct all the interest on a maximum of $1 million in mortgage debts secured by a first and second home, plus the interest paid on a maximum $100,000 in home equity loans.
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Tax Terminology

Qualified dividends

  • Dividends received after 2002 and before January 1, 2011, that are taxed at the long-term capital gain rate.

Home Ownership

Tax tips, advice, help, and benefits of home ownership and business use of home.

Getting a Tax Credit for Your Honey Do List

Summer is a great time to tackle home improvements - and, happily, it's not too late to receive a tax credit when making your home more energy efficient. Although significantly reduced from 2010 levels, energy-efficiency tax credits are still available in 2011.
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Home Improvements

Capital expenditures, such as home improvements, are typically not tax deductible on your Federal tax return. However, a home improvement may qualify as a income tax deductible medical expense if the main purpose of the expense is to provide medical benefits.
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Home Ownership

Buying a home is a great way to reduce your income tax. The qualified mortgage interest you pay and your real estate taxes are both deductible for income tax purposes.
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Business Use of Home

If you use a portion of your home for business purposes, you may be able to take a home office deduction on your Federal tax return. You can take a deduction if you are self-employed or an employee.
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Points

Points, sometimes also called a "discount point", are a form of pre-paid interest. One point equals one percent of the loan amount. Points may also be called loan origination fees, maximum loan charges, or loan discount.
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