Housings Silver Lining? 7 Housing Tax Laws You Should Know. Read It and Reap
Yahoo has a short and simple explanation. You can read the entire article HERE.
Here’s a snippet:
7 housing tax laws you don’t want to miss
Article Written by Kay Bell - Thursday April 2, 2009, 6:00 am EDT
The housing crisis has a silver lining: It brought tax relief to many homeowners.
Over the past few years, lawmakers have created new home-related tax laws and tweaked existing ones to give beleaguered homeowners some relief at filing time. Even property owners who aren’t in financial straits get some breaks, such as help in buying a first home.
Other homeowners now have more options when it comes to selling. And tax breaks for energy-efficient home improvements also made it back onto the books.
But not all the changes help homeowners save money. The law affecting vacation-home sales was designed to put a bit more cash into the U.S. Treasury. This new tax money source was created primarily to pay for other homeowner tax breaks.
As with most taxes, whether the residential tax law changes will help or hurt you depends upon your individual circumstances. Check out these seven recent real-estate-related tax measures to gauge their possible effects, for good or ill, on you.
7 new homeowner tax laws
1. Cancellation of debt income
2. First-home buyer credit
3. PMI deduction
4. Property tax addition to standard deduction
5. Surviving spouse home sale tax exclusion
6. Energy-saving home improvements
7. Second-home sale limits
Read the details of each by clicking HERE, you’ll be transported to the original article.
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