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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