ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL - 04/11/2012
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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL
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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL
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This is Part 1 of this entry. Stay tuned tomorrow for the conclusion:
One of the biggest financial advantages of owning a home is the mortgage interest deduction, but the amount many taxpayers submit is often greater than the allowed limit. And, while home offices have become more popular because of convenience and the downturn in the economy, many homeowners may be better off not taking the deduction because of the depreciation recapture upon sale. Both the mortgage interest and home office topics need to be double-checked before the April 17 deadline.
In a recent column, we discussed the benchmark for the mortgage interest deduction is set at acquisition debt, which is the amount of debt in place when the home is acquired. For example, if you buy a $200,000 home with a $50,000 down payment, your acquisition debt is $150,000.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL
Many consumers stay in their homes for years, accumulate appreciation and then refinance to put a child through school, mom into a nursing home or attend a much anticipated family reunion. The new debt on the refinance will qualify as home acquisition debt only up to the amount of the balance of the old mortgage principal just before the refinancing.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL
For example, let's assume your home is now worth $300,000 and you need to take cash out for college tuition. The balance of your loan before you refinance is $135,000 and you take $100,000 "cash back" for a new loan balance of $235,000. However, the maximum allowable mortgage interest deduction remains $135,000 -- the acquisition debt, not the bigger number from the refinance. Another popular deduction that is often taken yet needs additional consideration is the home office deduction.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL
It's relatively easy for taxpayers to deduct the cost of a home office. To qualify for a deduction, the space must be used exclusively and on a regular basis for either the entire business or its administrative and management activities.
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