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Tax tips, advice, help, and benefits of home ownership and business use of home. |
The Pros and Cons of Home Equity Debt |
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September 15, 2012 |
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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 |
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June 30, 2011 |
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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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October 28, 2009 |
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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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October 27, 2009 |
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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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October 26, 2009 |
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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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September 26, 2009 |
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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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