Related To Home Ownership by:
William H. Roberts, P.C., CPA
1550 Plaza West Dr. Prescott, AZ, 86303-5679
(928)541-0105 www.PrescottCPA.com
TAX DEDUCTIONS
1. Mortgage Interest, including 2nd mortgages or Line of Credit interest; Mortgage Insurance Premiums.
2. Loan points paid on the purchase of your home.
3. Real Estate taxes (NOTE: deductible even if you don’t itemize your deductions.)
4. Interest paid for second home/vacation home and this includes boats, travel trailers and motor homes.
TAX CREDITS
5. 30% Fed tax credit for energy efficient products–exterior doors & windows, insulation (including qualified METAL and ASPHALT ROOFS)-limited to $1,500 for 2009+2010
6. 30% Fed tax credit tax credit for renewable energy products (Solar, Wind, Geothermal) UNLIMITED CREDIT thru 2016. $1,000 AZ tax credit for Solar power devices.
7. $8,000 Fed tax credit for first time homebuyers – expires April 30, 2010 (or close by July 1, if contract signed by April 30)
OTHER TIPS
8. Profit on the sale of your home is tax free.
9. Mortgage Debt Forgiveness is no longer taxable.
10. Sales taxes paid on large DIY home improvement projects.
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