If you own a home, you have assets to protect and preserve. Start getting your paperwork in order.
- Mortgage interest deduction- 100% you paid in 2011, is deductible on you 2011 taxes. This month you should be getting a form from your bank indicating the precise amount of interest you paid. Also, this information will probably be available to you on line.
You probably paid some advanced interest on your home loan at closing- This information will be included in your lenders statement, and you can also find it in you HUD-1 settlement statement you received at closing.
- Property Tax Deductions- If you lived in your home most of the time, again, 100% of the property taxes should be deductible.
- Closing Cost Deductions- State and local transfer or stamp taxes paid at closing (See HUD-1) are generally deductible.
There are a number of possible deductions , and other tax advantages that might apply to you.
Best advice I can give you is consult with a tax professional, or at the very least, get a reputable tax software, usually less than $50. If this is your fist time, it might be a good idea to do both to help get a good understanding of the options available to you.
Go to the source : Homeowner Tax information
teamDoral is a RE/MAX Premier Associates Group. Richard Recuset is a Realtor®,team leader, Short Sale Agent, Listing Marketing Specialist,Certified Distressed Property Expert (CDPE), and Accredited Commercial Practitioner (ACP), serving the City of Doral, Fl and surrounding areas.
When you hire team DORAL for your real estate needs, you not only have a highly qualified professional on your side, but also access to information, markets, technology and a team of experts from around the world.
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*Nothing in this article is intended to solicit listings currently under contract with another broker. This article offers no legal or tax advice and is for information purposes only.