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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.
Another year has gone by.
It's time to begin gathering my material for my taxes to be prepared.
Then it dawned on you, why hasn’t my accountant called me to discuss some possible strategies? If these are questions you are having, it may be time to consider a new CPA. The following are some reasons to consider whether you should find a new accountant:
Most married couples file their income tax returns jointly. However, married couples have an option—they can file married filing jointly or married filing separately. Married couples can change their filing status from year to year. The only requirement is that they be married, which is determined on the last day of the year.
Recently, a client was in the process of refinancing their existing mortgage with their current mortgage company. He was supposed to close two months ago. The mortgage company continues to ask for more information from our client.