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The IRS and Department of Energy recommend taking a look at these five real estate tax breaks that Congress has ok’d or even extended:

Mortgage Forgiveness Debt Relief Act of 2007: For taxpayers who lose their homes in foreclosure, the Mortgage Forgiveness Debt Relief Act of 2007 allows the homeowner to exclude from income any debt forgiven in the foreclosure of their home.

First-Time Home-Buyers’ Credit: For first-time home buyers who purchase a house between April 9, 2008 and June 30, 2009, the First Time Home Buyers’ Credit is 10% of the purchase price of the home up to $7,500 for either single taxpayers or married couples who file jointly. Note: the tax credit must be paid back in equal payments over 15 years. The IRS defines first-time home buyers as those who have not owned a house in the three years before this home purchase.

Property Tax Deduction: For taxpayers who pay real estate taxes but who are precluded from qualifying to itemize other tax deductions, the Property Tax Deduction allows individuals to increase the standard deduction by as much as $500. If you are married and filing jointly, it’s $1000, and you don’t need to itemize.

Energy-Saving Home Improvement Credit: For you homeowners who purchase and install energy-efficient roofs, windows, doors, insulation, and heating and cooling systems, you only have to save your receipts to file for the Energy-Saving Home Improvement Credit for up to $500 spent on improvements. Note: the improvements must be “placed in service” within the seven-year period of from January 1, 2009 to December 31, 2016.

Residential Renewable Energy Credit: For you homeowners who installed solar electric systems, small wind systems, or even geothermal heat pumps, you may be able to receive a 30% credit for your system. Note: your energy-saving system must have been placed in service between December 31, 2008 and January 1, 2009.

Information based upon: http://newsok.com/irs-touts-real-estate-tax-breaks/article/3334512

giving you the advantage…®

Taunya Fagan Bozeman Real Estate For Sale – Montana Real Estate For Sale

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