tax: Capital Gains Exclusion is a Changin'! - 10/28/08 04:07 PM
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So, you remember that rule that capital gains exclusion rule that has become pretty much common knowledge?
Go ahead and get ready to change it.
The rule where if you sell a home after living in it for two years you could carry $250,000 (single person) or $500,000 (jointly filing) without getting hammered on capital gains.  Well, throw that out the window.  This new piece of legislation (694 pages) changes that tax code.
Sneaking It Under The Radar The Housing and Economic Recovery Act of 2008 had a lot of great (highly publicized) components:
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tax: When and How is PMI Tax Deductible? - 01/01/08 03:36 PM
Good news to those who have recently obtained or plan on obtaining a loan with private mortgage insurance!  IF you qualify, that mortgage insurance premium you're paying is tax deductible through the year 2010! 
Newly passed by congress, the mortgage insurance deduction will be extended to 2010.
Do you qualify?  Here are the basics (from MGIC.com):
The deduction applies to 'Qualified Residences'.  Generally this is your primary residence and a non-rental secondary home.  (Investment properties with PMI don't qualify for the deduction) Households with an adjusted gross income of $100,000 or less will be able to deduct 100% of their MI premiums.  The … (4 comments)

 

Tyler Osby

Urbandale, IA

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The Tyler Osby Team at Fairway Independent Mortgage

Address: 8515 Douglas Ave, Suite 22, Urbandale, IA, 50322

Office: (515) 257-6729

Mobile: (515) 991-7102

A blog updated daily educating you on how to do more with your money. Topics range from basic tips and tricks with personal finance to mortgage terms and market news.


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