Hot Tax Tips

Tax season is here and time for homeowners everywhere to reap the benefits of tax breaks and incentives. If you are a renter now is the time to consider the tax advantages of homeownership. It might just be the right time to purchase. If you currently own or have sold, there are new incentives that will help you make it through this tough housing market. Its always good to know what expenses you can deduct and understand how new laws affect you. Always consult your tax advisor.

Deduct your mortgage interest you pay on your home
Deduct your property taxes and any points paid to lower your loan's interest
Make sure you take advantage of the new tax credits for first- time buyers
Request a new property tax reassessment if your home's market value had decreased
Any special past or proposed assessments that might apply to your home
Get a new current estimate of your property tax bill, don't rely on the old sellers bill
Put your property taxes into your monthly mortgage payment
Understand how your capital gains tax is calculated
Whether you're buying, selling, refinancing or renting know how you'll be affected tax-wise