January 07th, 2016
TAX TIP OF THE DAY... home buyer tax breaks
New home, new furniture, new TAX BREAKS!
1) a home allows many to use "itemized" deductions... mortgage interest, property taxes, state and local taxes, sales tax, charity contributions, home office deduction.
2) penalty-free IRA distributions may be available to you.
3) Hidden deductions: your HUD-1 purchase paperwork has additional deductions of taxes, certain loan fees, certain insurance.
4) moving across local Township lines results in the need to pro-rate W-2 income between the 2 municipalities on the Local tax return(s).
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David S. Baboian, CPA