Will My Taxes Look Different Now That I’m a Homeowner?

March 24th, 2017 Categories: Random Thoughts

Taxes? Gross! Who wants to think about government paperwork, especially when your hand still aches from signing the 977 forms required to buy your first house? But listen up: As a new homeowner, you can typically wave bye-bye to the 1040-EZ form and say hi toitemizing your deductions on Schedule A. Read the rest of this entry »

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How Long to Keep Tax Records

February 17th, 2017 Categories: Random Thoughts

Unless you’re living in the 123-room Spelling Manor, you probably don’t have space to store massive amounts of tax and insurance paperwork, warranties, and repair receipts related to your home.

But you’ll definitely want your paperwork at hand if you have to prove you deserved a tax deduction, file an insurance claim, or figure out if your busted oven is still under warranty.

To help you prioritize your paperwork, we’ve created a hand “How Long to Keep It” home records checklist. Read the rest of this entry »

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6 Homeowner Tax Mistakes Accountants Say to Watch For

November 18th, 2015 Categories: Random Thoughts

Hooray — it’s tax time! OK, few people get quite that excited about filling out government forms, but there’s good reason to appreciate the annual ritual. Tax deductions are a serious perk for homeowners, and they can be a major boon to your family’s finances. Read the rest of this entry »

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First-Time Home Buyer Tax Credit: Repayment Continues

August 23rd, 2015 Categories: Random Thoughts

If you bought your first home after April 8, 2008, and before Jan. 1, 2009, and met requirements for adjusted gross income, you were eligible for a tax credit of up to $7,500 from the first-time home buyer tax credit program. But unlike buyers who used similar programs in 2009 and 2010, you had to start repaying the credit when you filed your 2010 taxes. Read the rest of this entry »

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Tax Incentives for Historic Preservation

August 9th, 2015 Categories: Random Thoughts

Tax incentives at the federal and state levels are available to homeowners to encourage historic preservation of properties. The incentives range from tax credits that reduce dollar for dollar the amount you owe the IRS, to easements that can increase tax deductions and decrease estate and property taxes. Read the rest of this entry »

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Was Your Home in a Disaster, Damaged, or Robbed?

August 6th, 2015 Categories: Random Thoughts

Disaster can strike home owners in any number of ways, from floods, fires, and storms to vandalism or even terrorist attacks. The IRS calls the property damage and destruction resulting from these unexpected calamities casualty losses. For many home owners, casualty losses can be tax deductible. But special rules apply. Read the rest of this entry »

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