Home Tax Deductions

Home Tax Deductions

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.

[email protected]   505-501-5126   

422 Medico Ln, Ste C, Santa Fe, NM  87505

Anthony Atwell Headshot
Phone: 505-670-2177
Dated: February 12th 2015
Views: 365
About Anthony: Santa Fe Real Estate, fine homes and land, is my specialty. I have been a Santa Fe Realtor for 28 ye...

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