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Real Estate Tips
Tax Credits;
There are several tax credits and deductions set to expire at the end of the year, and given the federal deficit problem, there might be a chance they won't be extended. If you want to take advantage of them , you need to act before Jan.1 2012. Here are a few that affect homeowners....
Mortgage insurance premium deduction.
If you itemize deductions, you may deduct the premiums you pay for mortgage interest.However, this deduction is phased out if you income exceeds certain levels. To qualify for the full deduction, a couple or a single taxpayer must have adjusted gross income of 100,000. This deduction is phased out completely if AGI exceeds 109,000.. first enacted in 2007 is scheduled to expire at the end of 2011. Thus, your payments are deductable only if you paty them during 2011, a payment after 2011 is not deductible.
Home energy credit.
First , any homeowner may qualify for an energy credit ofup to 500.00. You can qualify for the credit if you purchase during 2011, solar panels to generate electricity or for water heating, or install wind energyequipment, a geothermal heat pump,or certain types of fuel cells..The credit is upto 30% fo the amount you spend. This credit is not available for purchases in 2012
Source: Inman News
Tax Credits;
There are several tax credits and deductions set to expire at the end of the year, and given the federal deficit problem, there might be a chance they won't be extended. If you want to take advantage of them , you need to act before Jan.1 2012. Here are a few that affect homeowners....
Mortgage insurance premium deduction.
If you itemize deductions, you may deduct the premiums you pay for mortgage interest.However, this deduction is phased out if you income exceeds certain levels. To qualify for the full deduction, a couple or a single taxpayer must have adjusted gross income of 100,000. This deduction is phased out completely if AGI exceeds 109,000.. first enacted in 2007 is scheduled to expire at the end of 2011. Thus, your payments are deductable only if you paty them during 2011, a payment after 2011 is not deductible.
Home energy credit.
First , any homeowner may qualify for an energy credit ofup to 500.00. You can qualify for the credit if you purchase during 2011, solar panels to generate electricity or for water heating, or install wind energyequipment, a geothermal heat pump,or certain types of fuel cells..The credit is upto 30% fo the amount you spend. This credit is not available for purchases in 2012
Source: Inman News
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