Tax season is upon us, so take these tips and consult with your local accountant or CPA.
1. Mortgage Interest Deduction - interest you pay on a mortgage up to $1 million married, or up to $500,000 if you are married filing separately.
2. PMI and FHA Mortgage Insurance premiums - deduct as mortgage interest, itemize on your return.
3. Prepaid interest (or points) is 100% deductible in the year you paid it.
4. Property tax deduction - deduct the real estate property taxes you pay. If you bought a house this year, check your HUD statement.
5. Energy-Efficiency Upgrades - you might qualify for the residential energy tax credit, upgrades that qualify include: biomass stoves, heating, ventilation, air conditioning, insulation, roofs, water heaters, windows, doors, skylights.
6. Vacation Home deductions - keep good records, consult with your accountant on these complex rules.
7. Home buyer tax credit - for home purchases during years 2008,2009,2010.
For taxes related to the Santa Fe and Northern New Mexico area, I recommend:
Arlen Sarkissian, Peace of Mind - accountant, tax preparation, CFO services.
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