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Home ownership tax benefits

If you moved recently, you should notify the IRS of the change of address by filing Form 8822.

IRS Change of Address

Mortgage interest

Joint tax filers can deduct all the interest on a maximum of $1 million in mortgage debts secured by a first and second home, plus the interest paid on a maximum $100,000 in home equity loans.
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Tax Terminology

529 Plan

  • A plan that allows for the prepayment of qualified higher education expenses at eligible educational institutions. Also known as a "qualified tuition program", or more fully as a "section 529 plan".

Home Ownership

Tax tips, advice, help, and benefits of home ownership and business use of home.

The Pros and Cons of Home Equity Debt

September 15, 2012

While most interest expense is no longer tax deductible, it is a viable deduction if the interest is on your primary or secondary residence. While limits apply, the use of a secondary loan on your primary or secondary residence can also qualify for mortgage interest deductibility. However, “home equity” loan interest can often lose its tax deductibility if you're not careful. Here is what you need to know.

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Getting a Tax Credit for Your Honey Do List

June 30, 2011
Summer is a great time to tackle home improvements - and, happily, it's not too late to receive a tax credit when making your home more energy efficient. Although significantly reduced from 2010 levels, energy-efficiency tax credits are still available in 2011.
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Home Improvements

October 28, 2009
Capital expenditures, such as home improvements, are typically not tax deductible on your Federal tax return. However, a home improvement may qualify as a income tax deductible medical expense if the main purpose of the expense is to provide medical benefits.
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Home Ownership

October 27, 2009
Buying a home is a great way to reduce your income tax. The qualified mortgage interest you pay and your real estate taxes are both deductible for income tax purposes.
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Business Use of Home

October 26, 2009
If you use a portion of your home for business purposes, you may be able to take a home office deduction on your Federal tax return. You can take a deduction if you are self-employed or an employee.
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Points

September 26, 2009
Points, sometimes also called a "discount point", are a form of pre-paid interest. One point equals one percent of the loan amount. Points may also be called loan origination fees, maximum loan charges, or loan discount.
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