DC Real Estate, Washington DC Homes for Sale

Some of the best advantages of owning a home are the tax breaks. Prior to filing your taxes, now what expenses you can deduct, what tax credits you qualify for, and understand how new laws affect you.  To take most homeowner tax deductions, you will need to itemize (but be sure that the itemized amount exceeds your standard deduction).  We recommend that you consult your tax advisor or attend our Free Tax Seminar on February 4^th.

Below are just a few of the most common tax tips for homeowners.  Read the full list here.

• Mortgage interest. For most people, the biggest tax break from owning a home comes from deducting mortgage interest.
• Mortgage  Points. When you  buy a house or refinance, you  may have had  to pay "points" to the lender to obtain your mortgage or buy down your rate.   These points may be tax deductible.
• Real-estate property taxes. You can also deduct the local property taxes you pay each year. 
• Private mortgage insurance premiums. For mortgage loans with a down payment of less than 20% of a home's cost usually include a premium for private mortgage insurance (PMI), an extra fee that protects the lender if the borrower fails to repay the loan.  PMI premiums can be deducted by home buyers.
• Federal Housing Tax Credit.  If you purchased a primary residence in 2009, and are a "first-time" home buyer, you may qualify for the $8000 federal housing tax credit. There is also a $6500 tax credit for qualified move-up home buyers (“long-time resident” who have owned and resided in the same home for at least five consecutive years of the eight years prior) who purchased after November 6, 2009 and before June 30, 2010. For more info visit:www.federalhousingtaxcredit.com
  
• Energy credits. Some energy-saving home improvements to your principal residence can earn you an additional tax break in the form of an energy tax credit. To learn more visit: www.energytaxincentives.org/

Financial expert Linda de Marlor from Tax Masters Inc. will answer your toughest tax questions and give you the best tips for maximizing your tax returns in this rapidly changing financial environment.  Whether you own a small business, just bought your first home, or have a complicated return with multiple deductions, this class will help you!

Linda has worked with more than 2,000 clients in 50 countries and is a regular on ABC Radio, CNN, C-SPAN, and NPR. If you think taxes are boring, you haven’t heard Linda!

Event Details:

The Senate has reached a compromise on extending the $8,000 tax credit for first-time home buyers (set to expire on November 30, 2009) and offering benefits to more home buyers.  The qualifications would also be expanded to include individuals earning up to $125,000, or $250,000 for couples (up from $75,000 for individuals and $150,000 for couples).  In addition, benefits would extend beyond first time home buyers.  There would be a $6,500 home buyer tax credit for homeowners who have lived in their current residence for at least five consecutive years.

Senators have not agreed on how the tentative housing credit deal would come up for a vote, but it will likely be added to a bill that would extend unemployment benefits.

While significant steps have been made towards the extension of the tax credit, it is still a ways from becoming passed.

For more information, visit Bloomberg.com.