TEXAS HOMEOWNERS, ESPECIALLY, IF YOU BOUGHT A HOME THIS YEAR
December 12th, 2012
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DON'T FORGET!!!!!
I just heard through an industry blog that only 25% of tax payers actually take their deduction for home ownership on their income tax returns. So I wanted to be sure you remember to take advantage of this tax deduction for 2012. On “Schedule A-Itemized Deductions” of your tax return you can include interest paid on your home mortgage and real estate taxes paid as deductions that could lower your tax bill. If you have an escrow account with your mortgage company, then they will probably send you a summary of what they paid for you in taxes and a 1099 showing the interest you paid during the year. This is what you need to back up your deductions.
So gather those receipts and take all the benefits of home ownership when you file your taxes for 2012!
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Disclaimer : The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the Houston Association of REALTORS®
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