Tax Breaks

Who doesn't love tax breaks? I know I do, and I'll do my research to find them! Lucky for you homeowners out there I have discovered tax credits for homeowners and I will discuss them so you don't have to go looking all over the web. You can deduct several expenses that are home-related. The tax breaks I'm about to explain are for any type of home. Cooperative apartments, single-family homes, town homes, mobile homes, or condominiums are all included. The only down-side to tax breaks is that they will make your taxes a little more complex. You must take the time to itemize, which means a lot more work for you. This requires the long 1040 from and Schedule A where you must list your deductible expenses in detail. Although itemizing does require a lot of work, it is worth it in the end.

So where do you begin? First claim the standard deduction which is based on your filing status. For taxpayers who are filing single or married but filing separately $5,450; heads of households $8,000; and for married couples that file joint tax returns $10,900. Compare the total expenses you can itemize and file your taxes according to the method in which you will get the larger deduction. To help configure your potential Schedule A tax credits, I will talk about homeowner expenses you can and can't deduct, and some tips to get the most out of your status of being a new property owner.

The tax break that you will benefit from the most is the amount in which you pay monthly for your mortgage. The majority of a homeowners check goes towards interest and all of the interest is deductible. This is unless of course you are the proud and lucky owner of a multi-million dollar property. If you do own a home worth more than a cool million the IRS limits the amount of your deductible interest. Any interest that you have to pay is all deductible on your taxes, which include refinancing, obtaining a line of credit, or a home equity loan. Be careful, there are some guidelines from the IRS on these types of tax breaks.

The great news is that general debts of equity that are $100,000 or less are completely deductible. The remaining amount on your first mortgage may restrict your tax break or credit and could be of great concern if you leverage your house in excess. If a homeowner chooses to obtain an equity loan and it's combined with the first mortgage amount, the debt on the house increases significantly more than what the property is actually worth. This will cause the homeowner to face more deductibility limitations. In this particular case the IRS will allow the homeowner to deduct the smaller interest on the original loan which is less than the amount of the existing mortgage.

Here's some great news for people who are in good real estate situations! For example, say you are at a financial position to own a vacation home, second home, RV, or a boat. As long as the property you own has sleeping, bathroom, and cooking facilities you can fully deduct the interest. You even have the option to rent out your second property for half of the year and still reap the full benefits of the interest deduction of the mortgage as long as you spend time at the second property. How great is that?! But be cautious, if you don't spend at least fourteen days at your second property or more than ten percent of the number of days that you rented it out, the IRS could consider your second property a residential rental property and completely eliminate your interest deduction. My advice; if you own a second property of some sort, go spend some time there!

Article Source: http://EzineArticles.com/8101713



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