The effect on a home owners taxes can be confusing. Having a licensed CPA help with some common questions is very helpful.
Article From HouseLogic.com
By: Natasha Padgitt
Published: December 31, 2012
Which tax benefits do home owners miss? Will you get audited if you take the home office deduction? Find out the answers to these questions and more before Tax Day.
There are a lot of home ownership tax benefits (http://www.houselogic.com/home-taxes-financing/taxes-incentives/) – if you don’t forget to take them. To make sure you get your due, HouseLogic asked tax expert Abe Schneier, a senior technical manager with the American Institute of CPAs (http://www.aicpa.org), for tax-filing tips.
HouseLogic: What’s the most common home-related tax deduction or credit claimed by home owners?
Abe Schneier: The mortgage interest deduction, [which the NATIONAL ASSOCIATION OF REALTORS® estimates amounts to about $3,000 in tax savings for the average itemizing home owner] and [the deduction for] real property taxes (http://www.houselogic.com/home-advice/property-taxes/property-tax-appeal/).
HL: Which tax provision do home owners often overlook?
AS: You can deduct mortgage insurance premiums (http://www.houselogic.com/home-advice/tax-deductions/deducting-private-mortgage-insurance/)…
View original post 960 more words
Mortgage Auction 