Mortgage fees known as 'points', discount points you may have paid to
acquire a better interest rate on your mortgage. These 'points' are deductible
on your taxes. A point is equal to 1 percent of the amount financed.
Tax Deduction - Tax Tip # 2
Refinancing your mortgage usually contains fees that you incurred to
re-establish your mortgage. There are many fees deductible on your
taxes hiding in this process.
Tax Deduction - Tax Tip # 3
Changing jobs or residence because of a job, that caused a move of
more than 50 miles may allow you to deduct certain moving expenses
from your taxes.
Tax Deduction - Tax Tip # 4
If you paid a home mortgage pre-payment penalty, it may be deductible
from your taxes.
Tax Deduction - Tax Tip # 5
Refinancing your home can incur several fees that you can deduct from
your taxes. Ask your tax advisor for a list of refinance deductible items.
Tax Deduction - Tax Tip # 6
Pro-rated mortgage interest is often overlooked on your taxes, check
your closing settlement sheet.
Tax Deduction - Tax Tip # 7
Property taxes on a home you sold last year as well as the property taxes
on your new home can be combined to give you a greater deduction on
your taxes.
Tax Deduction - Tax Tip # 8
Pre-paid property taxes or pre-paid mortgage interest is often overlooked.
Tax Deduction - Tax Tip # 9
Casualty Loss if not compensated from an insurance claim can also be a
huge tax deduction. This is property loss due to fire or weather related
damages.
Tax Deduction - Tax Tip # 10
If your home is on leased land, you may be able to deduct rent payments
for the land. There are specific guidelines here, so seek these requirements
from a knowledgeable tax advisor.
It's important that you retain as much of your hard earned money as legally possible
and it's your choice to find out what you can legally deduct and claim on your taxes.
For more detailed assistance on what you can do to reduce your tax debt, don't
hesitate to ask for assistance. It could save you thousands of dollars in a single year.
http://justaskchip.com/irs-tax-help.htm
Jim is an online writer that has educated his reading audience for several years on how
and where to find information that is important or newsworthy to his readers. Today he
has found a great tool to assist you with your income tax burden.
http://justaskchip.com/irs-tax-help.htm
If you would like to see where to make your best
investments for 2007: http://wealthsmith.com/investment-tips-insights-2007.htm
