Posts Tagged ‘Residence’


Tax Credits for “Going Green”

Homeowners still have time this year to make energy-saving and green-energy home improvements and qualify for either of two home energy credits.


The 5 Most Common Itemized Deductions

Mortgage Interest—Many taxpayers can deduct their mortgage interest on their residence.  However, there is a limitation on this.  The interest on a primary residence can only be deducted on up to $1,000,000 mortgage and $100,000 line of credit.  Points paid to secure a mortgage when purchasing a new home are fully deductible.  Points paid on a refinance must be amortized over the life of the loan.


The Last Mortgage Refinance

What direction do you think interest rates are headed in? Homeowners have ridden the variable interest rate mortgage ride for all it's worth. The prime rate hit 20% in 1980.  Since then interest rates have been in a long and steady decline.  Along the way, borrowers would refinance their house and take out more cash as the value of the property was rising.  Times have changed just a wee bit. 


Can You Claim Your Elderly Parents as Dependents on Your Tax Return?

This could be a very difficult situation for many of us and quite a role reversal. However, as our parents age we may have to consider the option of having them live in our home. If you are taking care of an elderly individual in your residence you may be able to claim them as your dependent providing you meet certain conditions.


Why Parents Should Not Give Their House to Their Children

Frequently, parents will be encouraged to give their home to their children so the government won’t take it to pay any nursing home bills.  This is usually very bad advice.  Why is this not an appropriate strategy?


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