Paramus Real Estate Agent: February 2011

Tax Time - Don't forget your real estate tax deductions

Tax Time - If you bought or sold a home in 2010 show your accountant your HUD-1 form

You may be eligible for tax deductions. Have you done any of the following things in 2010?:

  • Bought a home
  • Sold a home 
  • Refinanced a loan

If yes, then make sure to give your accountant a copy of the Settlement Statement (HUD-1) form you received at the closing table. This form lists all the costs involved in the real estate transaction.

Click here to see a sample of the HUD-1 Form: http://www.hud.gov/offices/adm/hudclips/forms/files/1.pdf

Were you a first time buyer in 2010? You could qualify for the The First Time Buyer Tax Credit. Visit http://www.irs.gov/newsroom/article/0,,id=204671,00.html for more info and make sure to call your accountant.

Although most real estate closing fees are not tax deductible, some items that could be tax deductible are:

  • Loan origination fee = "points" paid
  • Prepaid mortgage interest
  • Pro-rated real estate property taxes

If you own a home, some of these items could be tax deductible

  • Real estate taxes
  • Interest paid on mortgage loans

Call your accountant to find out what deductions or credits you are eligible for. For further information visit www.irs.gov

 All information is subject to errors and ommissions.

 

Jeana Cowie, ABR, CRS, GRI, SRES©
Broker Associate, Real Estate Agent 
  
RE/MAX Real Estate Limited
Oradell, NJ 07649 (in Bergen County, NJ)

www.jeanacowie.net   

Jeana Cowie is a Top RE/MAX Bergen County REALTOR©                            

Over 800+ homes SOLD!! 23 Years of Full Time Bergen County Real Estate Sales Experience

Specializing in Paramus real estate (over 300+ homes SOLD in Paramus alone) handling all of your Bergen County real estate needs, from Allendale to Wyckoff

Top 1% of all RE/MAX agents in NJ

Follow me on Facebook at: http://www.facebook.com/BergenCountyRealEstateUpdate

Subscribe to my FREE Monthly Real Estate Update Newsletter at: http://realtytimes.com/c/JeanaCowie

Follow me on Instagram & Twitter at: @JeanaCowie

 

 

Comment balloon 4 commentsJeana Cowie • February 23 2011 04:16PM
Tax Time - Don't forget your real estate tax deductions
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