As we begin the month of March, more and more people are starting to put the final touches on their taxes. There are many certified public accountants in the Harrisonburg, VA area that can help you properly complete your taxes and tell you which real estate related items can be deducted for 2010.
One of many benefits of owning a home is the tax deduction for your mortgage interest. But did you know that you can also deduct your real estate taxes paid at settlement or closing as well as any points or home mortgage interest that are part of the actual home closing process? Many people overlook this fact in a rush to get all of their mortgage interest on their taxes. And don't forget that this not only applies to purchasing a new home but also to refinancing an existing home.
To continue your tax research, click here to see a great resource on the IRS website.
As an existing homeowner or if you purchased your first home in Harrisonburg, VA in 2010, you should consult a tax professional with any specific questions you may have. And don't forget, your taxes must be filed by April 18th this year (the IRS has pushed tax day back in observation of Emancipation Day in the District of Columbia ... April 15th is still the due date for State taxes).
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