I'm sure that you are busy with Black Friday sales and decorating the Christmas tree and don't want to think about the dreaded 5-letter word -- T-A-X-E-S.
After just reading a great article, I wanted to share a few important real estate related tax deductions that end in 2011 and there are a good chance that many won't be extended to 2012:
1) MORTGAGE INSURANCE PREMIUM DEDUCTION - If you itemize your deductions when filing your income taxes, you are allowed to deduct the amount you pay for mortgage insurance each month - as long as your adjusted gross income is $100K or less. This deduction is set to expire in 2011, but because many people use this deduction, we hope that it will be extended!
FYI -- Mortgage Insurance is also called "MI", "PMI" or "MIP"
2) HOME ENERGY CREDIT - Anyone who owns a home can qualify for a credit of up to $500 if you purchase certain items that conserve energy.
For other deductions that are set to expire in 2011, please read the full article on Inman News.
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In & Around Atlanta Real Estate Blog - Copyright 2006 - 2014 by Kerry Lucasse and the Nest Atlanta team with eXp Realty Atlanta. All information contained in this blog is deemed to be reliable but not guaranteed. If you need assistance with Intown Atlanta real estate, Kerry Lucasse and the Nest Atlanta Real Estate Group are always available to assist you with your residential real estate needs!
eXp Realty :: 508 Flat Shoals Ave :: Atlanta, GA 30316 :: 770-361-7068