Homeowner Tax Advantages

Homeowner Tax Advantages

As the 2010 tax season approaches let me remind you of some of the advantages of owning a home.

The Homebuyer Tax Credit

$8,000 Credit to first time home buyers before April 30, 2010 $6,500 Credit if you sold a home and purchased another before April 30, 2010

Home Office Expenses

If you have a home office that you use for solely for business, you may be able deduct a percentage of the costs of your, insurance, phone, mortgage and other charges that relate to the use of the office in your home.

Home Sale Costs

If you sold your home, you may be able to deduct the associated costs with selling it. Advertising costs, Inspection fees if any, Legal fees, Real Estate Commission, Repair costs and perhaps more.

Home Gain

If you meet the requirements: You must have lived in the home for two year and have owned it for at least five.

Mortgage Closing Costs

Prepaid interest, including fees, points and associated settlement charges. Mortgage Insurance The interest paid on your mortgage expenses & insurance.

Real Estate Taxes

Real estate taxes may be claimed every year that you paid them.

Be sure to check with your accountant that you meet will all the necessary requirements.