Friday, August 29, 2014
PLACERVILLE, CALIFORNIA
99 CENTS

HouseLogic helps homeowners get the tax breaks they’re due

By
From page C18 | March 15, 2013 |

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Help?

HouseLogic’s “Homeowner’s Guide to Taxes” can help filers take advantage of the tax benefits that come with homeownership while avoiding common home-related tax mistakes.

“From the mortgage interest deduction to energy tax credits, many homeowners can take advantage of a variety of tax strategies that can lower their tax bill,” said Pamela Kabati, NAR senior vice president of communications and HouseLogic spokesperson. “For example, a family who bought a home last year with a $200,000, 30-year, fixed-rate mortgage, assuming an interest rate of 4.5 percent, could save nearly $3,500 in federal taxes when they file this year.”

HouseLogic also offers tips to keep homeowners from making unnecessary mistakes on their taxes. “9 Easy Mistakes Home Owners Make on Their Taxes” identifies common errors like deducting the wrong year for property taxes, confusing the escrow amount for actual property taxes paid, and neglecting to take the private mortgage insurance deduction.

Homeowners who make certain energy-efficient home improvements may be eligible for certain tax credits, and owners who had a portion of their mortgage forgiven as part of a workout plan, short sale, or foreclosure don’t have to pay income tax on the forgiven debt, provided the mortgage was secured by a principal residence and the total amount of the outstanding debt is not more than the original purchase price plus improvements.

Among the tax questions you’ll find answers to at HouseLogic.com:
• How to Deduct PMI
• How to Deduct Mortgage Interest and Equity Loan Costs
• How to Amend Your Tax Return
• How to Claim Your 2012 Energy Tax Credits

Homeowners should consult a tax professional for any advice applicable to particular transactions or circumstances; the information on HouseLogic should not be relied upon as tax or legal advice.

HouseLogic is a free source of information and tools from the National Association of Realtors that helps homeowners make smart decisions and take responsible actions to maintain, protect, and enhance the value of their home. HouseLogic helps homeowners plan and organize their home projects and provides timely articles and news; home improvement advice and how-tos; and information about taxes, home finances, and insurance.

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