Tax time is upon us again, so here are some real estate tax tips for all those who continue to procrastinate:

1.  Property tax deduction for second homes and/or investment property:  The property tax deduction is available for much more than just your primary residence.  The deduction is also available for second, third, or fourth homes, raw land, vacant lots, etc.  However, keep in mind that different rules apply for rental properties. 

2.  Home-Buyer Tax Credit: If you are a regular reader of this Newsletter, you no doubt know the details of the Homebuyer credit, which ends on April 30^th.  If you qualify, you could receive up to $8000 from the federal government.  (For more information about the homebuyer tax credit, give Norhill a call or visit http://www.federalhousingtaxcredit.com/.)

3.  Refinance points: If you refinanced your primary or secondary home last year, you may have some tax deductions as well.  If you paid points, you might be able to amortize those points over the life of the loan.  For additional information, check out the instructions for Schedule A in your Form 1040 Forms and Instructions booklet. (Looking to refinance while rates are still low? Give us a call. Norhill can help.)

4.  Green deductions: Going Green can definitely save you some "green". Making green renovations makes homeowners eligible for dozens of tax deduction credits. The credits range from solar power panels to purchasing energy efficient appliances for your home.

We hope this provides you with a few good tips, but make sure to address these issues with your tax advisor or through independent research.  Norhill does not render accounting advise and the above information is no substitute for a competent accounting professional.  In other words, if you get audited, don't blame us.