Tax Guide for Homeowners
Are you a homeowner? If so, you may be eligible for certain credits and deductions.
IRS Publication 530 (2011 PDF version) describes new tax code changes for homeowners, what can and can’t be deducted, how a homeowner figures his or her adjusted basis in the home, and even contains a record-keeping worksheet to help homeowners track the costs of home improvement.
If you bought or sold a home last year, refinanced, paid real estate taxes, paid mortgage interest, or made significant home improvements, make sure you are prepared for the tax consequences of those actions.
For tax planning in calendar year 2012, please note that the itemized deduction for premiums you pay or accrue for qualified mortgage insurance in connection with home acquisition debt on your qualified home is no longer available after 2011.
