Five Tax Tips for Homeowners

Homeowners who itemize their taxes area able to deduct 100% of their mortgage interest and property taxes from their income tax returns.  Also, if you purchased a home the current year most of your closing costs are tax deductible.  And if you sold your home for the current year thousands of dollars of any profit (Capital Gains) are exempt from income taxes.

Here are 5 Tax Tips:

1.  You Have To Itemize your Tax Return to Claim Your Deductions.
2.  Plan Ahead and Be Strategic When Taking a Home Office Deduction.
3.  Tax Relief for Loan Modifications, Short Sales, and Foreclosures Is Only Around Through 2012.
4.  Project the Income Tax Consequences of a Refinance or Property  Tax Appeal.
5.  Don't Forget Those Closing Costs If You Bought or Refinanced in the Current Year.

Make sure you discuss all available deductions with your Tax Preparer.