Tax Breaks For Property Owners For 2010, 2011
If you have just entered the world of home ownership, then you may be in for a pleasant surprise this year when you go to file your taxes. There are many property tax breaks available for homeowners that could save you a lot of money.
Tax Credits and New Tax Breaks
If you would like to take all of the deductions possible then the days of easy filing are probably over. You must itemize your return to get the biggest return.
Mortgage Interest
You can deduct the amount of interest you pay monthly on your mortgage. Usually most of your monthly payment is interest anyways so why not get some of that money back.
You may also deduct the interest paid on a second home as long as you use the home at least two weeks a year.
Points
If you currently pay points on your mortgage to get a better rate then these points are also tax deductible. You may only deduct the points in the year that you paid them off.
Property Taxes
You can deduct your property taxes every year as long as you own your home. The taxes must be paid in full before you deduct them on your return.
- Non-Deductible Items
- Property Insurance Premiums
- Private Mortgage Insurance
- Homeowners Association Dues
- Closing Costs
- Depreciation of Your Home
- Local Assessments
To learn more about all of the deductions available for your property, then visit TurboTax Online today. They offer easy to follow instructions and guarantee you the most deductions possible for your situation.
If you file with an online service like TurboTax Online, they’ll find every tax break that you’re eligible for and you can sit back and watch it happen as you enter in the required information. Sure, you can take time to do the research so you know what you’re looking for; but even if you don’t, they’ll do the research for you so you get more money back in your pocket.
