Western New Yorkers are busy preparing their taxes and there are some things that you may not remember that are to your benefit. As tax time is upon us and with all the talk about recession, politics and the housing market, most people are not focused on the fact that we are only ten days from tax day.
Read Also: Free Tax Preparation Services by Niagara University
Remember to plan for some of your Mortgage and Real Estate related tax deductions to save some money this year. Here are a few places to save:
1) Discount Points – Lender Discount Points are seen by the IRS as pre-paid interest charges.
2) Pre-paid Interest – your closing statement shows prepaid interest depending on how many days you will be in the property in the month you close.
3) Pro-rated Property Tax any property tax you pay at the closing table is deductible
4) Origination Points – Broker fees or Points are also considered pre-paid interest.
5) PMI/MIP – Mortgage Insurance on a loan that is over 80% Loan to Value (LTV) is deductible
Where to consult your Accountant for sure:
-
HELOC / Equity Line – interest on your 2nd Mortgage or Home Equity Line of Credit may be deductible.
-
Second Home – this is a grey area. Your accountant knows the rules on deducting mortgage interest on 2nd home mortgages.
-
Depreciation – Investment properties only
You have your closing package from when you closed your property neatly filed away, right? Get it out and take it with you when you visit your tax preparation specialist or CPA. Make sure to have your Accountant review your closing statement and IRS Form 1098 that you will receive from your lender in the mail. Your accountant will then make sure you get credit for all your deductions.
To get the full article, follow this link -o-> Florida Mortgage | IRS Tax Savings on your HUD-1
More Florida Real Estate Industry News You Can Use from
David A. Podgursky, MBA
TheMortgageGoToGuy!!
Your Source for Residential and Commercial Mortgage Loans in Florida
Other articles you may find useful:
- For Sale By Owner many times means frustration for homesellers.
-
Do You have the Credit Score Blues?
-
Documents to gather before meeting with your Niagara Falls Mortgage Professional
