It's tax return season! A time when we are always a little overwhelmed and filled with fear that we are missing out on money returning opportunities. With all of the recent tax credits, there is even more of a reason to pay special attention to what is available to homeowners. With a little help from the Connecticut Society of Certified Public Accountants, I'm here to make sure that you go into this tax season prepared.
1) Take advantage of the tax credits.
There are a lot of people who qualify for them and may not even know they do. It's not just for first time home buyers, but also for repeat homebuyers. If you bought a house or are going to buy a house between January 1st and April 30th, you are most likely eligible for either the $8,000 tax credit (First Time Home Buyer) or the $6,500 credit (Repeat Home Buyer). Educate yourself on what you need to know about the credits so you don't risk missing out on a good amount of money.
2) There are still other tax deductions in effect from the past.
Don't overlook other ways you could be eligible for money. IRS publication No. 17 is a great resource found at www.IRS.gov.
3) Two good general rules to remember:
- Homeowners can usually deduct the interest they pay on a mortgage as long as it is less than $1 million.
- Homeowners can typically deduct the interest they pay on home equity loans as long as they are less than $100,000.
4) If you are making efforts to conserve energy in your home, you could be eligible for tax credits. Check out IRS form 5695 to find out more about the energy-related credits.
5) Work out of your home? Could be yet another opportunity for a tax credit! Take a look at the IRS site for more information.
To look at the full New Haven Register article, click here. If you have any questions for me about the tax credits, or are looking to buy a home in Cheshire or its surrounding areas before the April 30th deadline, please don't hesitate to contact me.
Sally Bowman
Sally Bowman Real Estate
Your Cheshire Real Estate Expert