Saturday, January 7, 2012

Tax Deductions and Home Ownership

January 7, 2011 .... it's time to begin those dreaded tax forms.  So where do we go from here?  First things first:  New Turbo Tax and Quicken programs have been purchased from Staples.  Did you know it is easy to claim those rebates from Staples online?  That part is simple and can be finished in a matter of minutes.

Now here is another perk to owning your home versus renting your dwelling space.  There are marvelous deductions when it comes to home ownership.  Information will be based on http://www.irs.gov/publications/p530/ar02.html  Let's take a look:

4 Primary Deductions:
1.  Real Estate Taxes
2.  Sales Taxes
3.  Home Mortgage Interest
4.  Mortgage Insurance Premiums

The above IRS link spells out exactly what can and cannot be deducted.  Read through it carefully.  Certainly Quicken makes filling easier,  if you have questions seek advise from a professional.

To be continued...