Keeping a Record of Real Estate Deductions with your Copy Tax Return

Real Estate Tax Deductions for your Copy Tax Return

With today’s economy, people are looking for as many ways to save money as possible on their copy tax return. There are many ways available, but one of the best ways is to take a look at your copies of taxes. There are many deductions that are available to help you cut tax cost, however people who own homes have the some of the best deductions available to them. Some things that homeowners may deduct from their taxes are property taxes, points and interest. These deductions may be especially useful to people who have just purchased their home. They can help to offset the expenses that are involved in the purchase of the home. Also, there are many homeowners who are not aware of these possible deductions who can also benefit. Here is some interesting information about copy tax return deductions that can help.

Interest on your Mortgage

If you have just purchased your home, then you will probably have realized that the majority of your payments go toward the interest and very little of them are actually applied to your premium. As time goes on, this will slowly change, but until then you are being charged a lot of interest. This means that you have a huge amount of money that can be written off on your tax return. In a 30 year mortgage you are paying more interest than premium. If you have purchased a second home then you may deduct the interest from this as well. Second homes are a great way to invest money. Either way, taking advantage of the interest deduction in your copy tax returns is a great way to help you save money each year on your taxes.

Deducting Points

For many people the idea of points is a foreign concept. This is true even if they are homeowners. If you are taking out a mortgage on a new home then you may hear the word. Points are the charges to the buyer that are involved in obtaining a mortgage for their new home. Points are usually equal to 1% of the total amount of the mortgage principle. If you are purchasing a home for 100,000 dollars then 1 point is equivalent to 1000 dollars. Points are another thing that may be deducted from your tax return. In order for points to be deductable, they have to go toward the purchase of your primary residence. Sometimes you can get points when you establish a home equity line of credit and these will be tax deductable as well. Whenever you claim points always be sure to make a copy tax return for your records.

Property Taxes as Deductions

Property taxes can be a great deduction on your tax return. Before you use them, make sure you are being taxed correctly. Try asking your lender for a monthly statement about the property taxes you are paying each year. This will help you to make sure you are being taxed correctly and help you when filing your tax return. When you create your copy tax return, it is important to put this statement from your bank in with it. This will allow you to have complete records of your income tax filing in case there are any questions in the future.

Conclusion

Buying a home has many perks that often go unnoticed at first. In order to take advantage of them, it is important to educate yourself. Keep records of these deductions on your copy tax return in case they are needed.

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Posted by on Sep 14 2011. Filed under Get 1040. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

85 Comments for “Keeping a Record of Real Estate Deductions with your Copy Tax Return”

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