Angela May's Omaha Nebraska Real Estate Blog: Last-Minute Home Owner Tax Deductions

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Friday, March 28, 2008

Last-Minute Home Owner Tax Deductions

If you're one of those folks who waits until the last minute to file taxes, there's not much time left! Be sure to take all tax deductions available for homeowners! Happy tax season! ~Angela & Lisa

Daily Real Estate News March 28, 2008

Last-Minute Home Owner Tax Primer

As April 15 approaches, here’s what home owners need to know about the deductibility of mortgage interest and property taxes. Taxpayers may deduct on Schedule A of Form 1040 mortgage interest on the purchase or home equity debt on two residences, their primary home and another dwelling, including a boat or a mobile home. These dwellings must have sleeping, cooking, and toilet facilities to qualify for a loan interest deduction. Interest paid on vacant land isn’t deductible.

Real estate taxes are deductible on all properties owned by the taxpayer — not just the first two. The deduction must be taken in the year the taxes are paid. Taxes placed in escrow are deductible when they are paid to the taxing authority, not when the money is put in escrow. Penalties and interest on late tax payments aren’t deductible. Also, in order to deduct taxes and interest, the taxpayer must itemize instead of taking the standard deduction.

Source: Houston Chronicle, Shannon Buggs (03/27/08)

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About Angela May's Omaha and Offutt AFB, NE Real Estate Website: The web site provides Omaha, Papillion, Ralston, Lavista, Bellevue, Dundee, Millard, Elkhorn, Gretna, Council Bluffs, Carter Lake and Offutt Air Force Base, Nebraska real estate information and resources to guide homeowners, homebuyers and real estate investors through the process of selling and buying a house, condo or other realty property in the Omaha and Offutt AFB area. Angela May (Sometimes spelled as Angel May, Angel Mae, Angela Mae, Angie May, Angie Mae, Angle May, Angle Mae, Angla May, Angla Mae, Angie May, Angie Mae, Angi Mae, or Angi May) has services to help you get the best value for your Omaha and Offutt AFB home and this website offers home buyers and home sellers a superior comparative market analysis (CMA), a way to view real estate and MLS IDX listings including virtual tours, prepare your home for sale, and more. Investors looking for real estate investment properties to invest in need look no farther. Anyone selling a home, buying a home or seeking housing can learn more about our realty services, and will appreciate working with a  Omaha and Offutt AFB REALTOR who knows  the area so well. Through trusted partners, we also provide real estate and financial services to consumers looking for houses for sale or selling their home in Omaha and Offutt AFB, NE, such as mortgages, credit history, new homes, foreclosures and other services. If you've already tried to go the for sale by owner (FSBO) route and find you are needing a partner who you can trust in the sale of your most precious asset, Angela May can take care of your special needs. It really doesn't matter if you spell it REALTOR, Realator or Realter, realty, realety or reality, real estate or realestate, Angela speaks  your language.
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