Articles Tagged "Homeowner Tax Advantages"

Coldwell Banker American Homes Blog Home

Subscribe and receive email notifications of new blog posts.




rss logo RSS Feed
Area Information | 27 Posts
BPT | 10 Posts
Buying | 6 Posts
Homeowners | 17 Posts
Real Estate Blogs | 319 Posts
RREIN | 62 Posts
Uncategorized | 148 Posts
Buying a Home | Home Purchase Guidelines | Long Island Homes and Property | Real Estate for Long Island | Energy Efficient Homes | Homeowner Tax Credits | Tax Credits for Home Energy Efficiency | Adjustable Rate Mortgages | Mortgages for the Long Island real estate market | The Right Mortgage for the Right Home Buyer | Real Estate Question of the Day! | Real Estate - scams and mortgages | What you need to know about real estate | Home Purchase Savings | Interest rates offer greatest leverage | Tax credit vs mortgage interest rates | Assisted Living | VA Special Pension | home loans | Home mortgage rates | Another Interest Rate Drop | Mortgage Interest Rates | Defending homeownership | Is now the time to buy a home? | Real Estate - still a great investment | Long Island condo & co-op | Long Island Homes for sale | Long Island Properties | Negotiating house purchase price | New construction on Long Island | Real Estate transfer fees | buy your home through a short sale purchase | selling short with the banks approval | Short sale home purchase | $2000 home buyer grant | New York State home buying grants | home list price vs. home sales price | negotiate a new home sales price | New York State STAR tax exemption | STAR tax exemption for New York homeowners | Buyer Brokerage | Real Estate Representation | Seller Agency | Tips for improving your credit score | Home and property appraisals | Homeowner Tax Advantages | Home Purchase Track | Owning a home vs. Renting | 55+ Adult Community | Senior housing | The Season's at East Meadow | co-op | Condo's | Homes | land for sale | Why Now is a Great Time to Buy a Home on Long Island | Homeownership | Open House weekend | home buying process | mortgage prequalification | Real Estate Investment Tips | Tips to Flip your real estate | Home Shopping Checklist | Look for a house with a checklist | ips to purchasing a short sale home | Short sales: How to purchase | Cut energy costs for your home | home energy efficiency | Loan application mistakes | mortgage loans | mortgage home loans | What home loan is right for you? | house hunting | Hunting for a home | Common Home Defects | What to look for when buying a home | first time home buyers | The 1st time home buyers guide | mobile based home search | Mobile phone users - coupons | smart phone applications | Housing Market Recovery Bright Spots | Natianal Housing Market Report | Home Closing - contract to closing | Home purchase timeline | 203k home mortgage program | Home Improvement Funding | Myths of the real estate market | The Home Buying Process | narrow down your home search | The Best location for your home purchase | buying a home? protect your credit! | credit protection | Home value pitfalls | home closing steps to take | New home closing | Home Styles | Popular Homes | best interest rates | credit scores | Create Energy within Your Home with Feng Shui | Feng Shui within your home | consumer confidence | home buyers more confident in housing market | Real Estate market impact | Rent verse Buy | Renters Outspend Owners on Housing | Benefits of home buying | Winter shopping for homes | Consumers confidence in home ownership | Homeownership attitudes | Real estate tax advantages & tips | Tax tips for homeowners | job opportunity | real estate agent | real estate career | rental agent | 1st time home buyer tips | priorities for home buyers | make moving fun for family | Moving for the family | Buy a foreclosure | REO purchase tips | Tips to buying a foreclosure property | Use a real estate agent to buy a home | Use a real estate agent to sell a home | Why use a real estate agent | Home Buying steps | Home Buying tips | Stepr to take prior to buying a home | home loan good faith estimate | Tips to your home loan mortgage | FICO Scores | How FICO scores are calculated | Your FICO score | Invest in a home | tax refund - invest it in your home purchase | VA Loan | The Home Buyers Wish List | Home buying expectations | real estate market report | Bidding on real estate properties | purchase offers for your home | home mortgage | downsizing your home | moving to a smaller house | Jumbo Loans for Home Purchase | Mortgage Money Lesson | newlywed home purchasing tips | The perfect wedding gift... a new home | Avoid these home buying mistakes | common mistakes when buying a home | Good News for Housing | Home Price Index | Bank fees for the homeowner | understanding banks and their fees | Home Inspections for your new home purchase | What to know about home inspections | Fire safety for your home | Is your home fire safe? | Home Mortgage programs | LTV | Mortgage loan to value | Mortgage relief for disaster challenged areas | Location | Property location - real estate | buying a short sale property | short sale tips | buying a home - best investment? | When is the best time to buy? | New Years resolutions | Resolutions: a Reality for Realty's | Get a mortgage after foreclosure | mortgage financing - after foreclosure | Is it a good time to buy a home? | What age is old enough to buy a home? | Buy a short sale property | Short Sale real estate properties | Home property tax deductions | real estate tax deductions | Real Estate License School | Apartment Rentals | House Rentals | Real Estate Rental Agent | House Hunting Tips | Simple house hunting tips & ideas | Mortgage advice - current trends | mortgaging & refinancing in 2013 | Good credit score = best equal rates | How to build up your credit score | lease - option to buy | Rent with option to buy | Avoid Home Improvement Blunders | Home improvements ideas for the property owner | Home Buyers - What do you really want? | Needs & wants of home buyers | mortgage loans for new home construction | New construction home loans | Home Buyers - Price & proximity to work | Key Concerns for the home buyer | Impressive mortgage applications | Keys to getting your mortgage approved | Home buying mistakes to avoid | Home purchasing blunders to avoid | New homes vs older homes | to buy or not to buy a home | pet friendly rentals | Pets or no pets - apartment rentals | tips for home purchasers | Flipping houses | home flpipping 101 | spec houses | home buyer how to's | how to be a better home buyer | Mortgage amortization | A happy home | What makes you really happy? | Low housing inventory | Low inventory housing market | Home prices on the rise | Rising property values | Home buyer tips to open houses | Open House etiquette | Winning a home purchase bidding war | Home mortgage rate tips | mortgage tips for the new home owner | Home Equity Line versus 2nd Mortgage | buy a new home or expand your current home | Home improvements vs. new home purchse | Mortgage Rate Lock | Residential home mortgage rates | Improve your economic profile for home mortgage | Personal Finance | Costly problems for new home buyers | New home buyers avoid costly problems | Handy man special | The home fixer-upper | How to refinance | Refinance - without perfect credit | Debt to Income | Tackling Debt | Seasonal real estate trends | The fall season housing market | Factor in home repairs in your mortgage payment | Home repairs for new home purchasers | Home sellers negotiation techniques | negotiations for home buyers & sellers | The home buying process - stress free | The process of buying a home | Recently Read | Saved for Later | Great Neck | Massapequa | Huntington | Ronkonkoma | Brooklyn | East Meadow | Coldwell Banker American Homes | Local Attractions | Home Improvement | Interior Design | Queens | Fresh Meadows | Long Beach | Local Businesses | Farmingdale | Home selling | Suffolk County | Nassau County | Wantagh
February
17

By: G. M. Filisko When you're evaluating how much home you can afford, make sure you factor in the tax advantages of homeownership. You can claim some tax deductions if you work from home, but be sure you're entitled to them before taking them. Owning your home not only allows you to build wealth through appreciation, but it can also reduce the amount of income tax you pay every year. Here are seven tax benefits for homeowners. 1. Homebuyer tax credits If you purchase your first home before April 30, 2010, you're entitled to a tax credit of up to $8,000. If you currently own a home, but sell it to purchase another home before April 30, 2010, you're eligible for a federal tax credit of up to $6,500. 2. Deductions for loan fees Typically, you can deduct the "prepaid interest" you paid when you got your mortgage loan. That includes points, loan origination fees, and loan discount fees listed on your settlement statement, even if the seller paid those fees for you. Each time you refinance your home, you can deduct prepaid interest fees. However, you must meet certain requirements to take the prepaid interest deductions when you purchase or refinance your home. Check with your accountant to be sure you're following the rules. 3. Property tax deductions In the year you purchase your home, you're entitled to deduct the real estate taxes you paid at the closing table. You can continue to deduct the property taxes you pay each year. 4. The mortgage interest deduction Every year, you can deduct the amount of interest and late charges you pay on your mortgage and home equity loans, though there are limitations. If you're required to purchase private mortgage insurance (PMI) because you made a downpayment of less than 20% on your home, you can also deduct those premiums as mortgage interest expenses. 5. Home office expenses If you have a home office you use only for business, you may be eligible to deduct the prorated costs of your mortgage, insurance, and other expenses related to that space. The government scrutinizes home-office deductions closely. Be sure you're entitled to the deductions before claiming them. 6. The costs of selling your home In the year you sell your home, you can deduct the costs of selling it, including real estate commissions, title insurance, legal fees, advertising, administrative costs, and inspection fees. You can also deduct decorating or repair costs you incur in the 90 days before you sell your home. 7. The gain on your home If you lived in your home for at least two of the previous five years before you sell it, the government lets you to take up to $250,000 of profit on the sale of your home tax free. That amount is doubled for married couples. This deduction isn't available on rental or second homes. The government also allows you to subtract from your home sale profit any amounts you spend on improvements, such as window replacement, siding, or a kitchen remodel. Those deductions are in addition to the tax credits you can receive in 2010 for making energy-saving upgrades. Money invested for routine maintenance and repairs doesn't count. This article includes general information about tax laws and consequences, but is not intended to be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice; tax laws vary by jurisdiction.

Login to My Homefinder

Login to My Homefinder