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Tax tips, advice, help, and benefits of home ownership and business use of home. |
Getting a Tax Credit for Your Honey Do List |
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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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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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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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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, 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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