Tax Deductions

What It Means To You If Congress Caps Mortgage Interest Deductions

5 Reasons it still makes sense to buy a home: By Jeff Diercks, CPA, Tampa Fl President Obama has proposed a cap on the deduction for mortgage interest for high income taxpayers and a rollback of the recently extended Bush tax cuts. According to CNNMoney, “under his proposal, taxpayers in the 33% and 35% tax … Continue reading What It Means To You If Congress Caps Mortgage Interest Deductions

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Relocating? You May Qualify for a Moving Expense Tax Deduction

Relocating?  Deducting Moving Expenses on your taxes may make your relocation a little less stressful.  Here are the IRS rules to see if you qualify: If you are moving due to a change in your job or business location, or because you started a new job or business, you may be able to deduct your moving expenses.  … Continue reading Relocating? You May Qualify for a Moving Expense Tax Deduction

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Mortgage Insurance May Be Deductible on 2009 Tax Returns

If you purchased a home and are paying PMI (Private Mortgage Insurance) you may be able to deduct the mortgage insurance payments on your taxes!   Question 1:  I bought my main home in 2008 using a mortgage and I pay monthly premiums for mortgage insurance. Can I deduct these payments? Answer:  In general, if you … Continue reading Mortgage Insurance May Be Deductible on 2009 Tax Returns

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