Homeowner Headaches: Itemized Deductions, AMT, and Other Tax Nightmares

The deadline to file taxes this year is April 18th. If you own a home, the process of deciding whether or not to take the standard deduction or itemize your expenses can have you reaching for a bottle of Excedrin.

Equifax Personal Finance Blog expert Eva Rosenberg offers a handy guide for answering the eternal question.

There are a number of changes in the standard deduction rules, comparing 2010 with 2009. They fall under the following categories:

1. Sales Tax
2. Property Tax
3. Disaster Law

The list of potential itemized deductions can be daunting, but homeowners will want to pay particular attention to tips for maximizing the following:

1. Property Tax
2. Home Mortgage Interest
3. Total Mortgage Debt

To read more about homeowner tax filing options for 2010, visit the Equifax Personal Finance Blog. Click here to read the full article.

Ilyce R. Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!. She blogs about money and real estate at ThinkGlink.com and The Equifax Personal Finance Blog, and is Chief Content Strategist at RealtyJoin.com, a community for real estate investors.