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Remember these tax tips

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There are valuable tax deductions and credits available to homeowners. Consider the following tips when filing taxes for 2011. Property tax payments can be deducted Continue reading
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What will become of the mortgage interest deduction

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There’s a lot of discussion about the mortgage interest deduction, typically regarded as a big incentive for homeownership. As the IRS code stands , taxpayers who itemize deductions can include the accrued interest on debts secured by a principal residence or second home up to $1 million or the first $100,000 of a home equity loan. Additionally, taxpayers avoid capital gains tax on the sale of real estate property (up to $250,000 for single filers and up to $500,000 for a married couple filing jointly) used as the primary residence for at least two of the five years before the date of sale. Continue reading
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