We all have to file our income taxes, and it's coming up right around the corner. If you haven't already filed this post may help you.
I was on the phone with a client tonight and this subject came up. After I hung up, I thought...you know, alot of people might not be aware of te real estate items that can be deducted. Of course, I'm not a CPA and would never even dare suggest that I know all the answers (their job is not for me) but I would like to point you in the right direction.
Don't forget to find out about the Telephone Excise Tax Refund, if you don't claim it this year...you won't get it. It might not be much, but we all need to get it if it's due to us. Believe it or not the IRS website is a good resource and it's fairly simple to use. Check out the IRS website for answers to your questions. A couple of real estate related items you need to be sure and give to your tax advisor:
Receipts for moving expenses
Property Taxes paid
Mortgage Insurance premiums paid
Mortgage Interest paid
your settlement statement (if you bought or sold property in '06)
the IRS website can assist you in common questions. Remember when in doubt keep the receipt and ask the tax pro.
And to all my past clients, if you need a copy of your settlement statement from closing, just Email me and I'll get a copy to you.
GOOD LUCK