Realtors® Homeowner’s Guide to Taxes

Tax season is upon us. And with it are many questions to be answered. The Realtors® have put together a guide for homeowners to use for their taxes.

You can find this guide at . is an award-winning comprehensive website created for homeowners from the National Association of Realtors®.

Go to HouseLogic’s “Homeowner’s Guide to Taxes” to take advantage of the tax benefits that come with homeownership, while avoiding common home-related tax mistakes.

Homeowners can take advantage of a variety of tax strategies that can lower their tax bill the mortgage interest deduction to energy tax credits. “For example, a family who bought a home last year with a $200,000, 30-year, fixed-rate mortgage, assuming an interest rate of 4.5 percent, could save nearly $3,500 in federal taxes when they file this year.”

HouseLogic also offers tips to keep homeowners from making unnecessary mistakes on their taxes. “9 Easy Mistakes Home Owners Make on Their Taxes” identifies common errors like deducting the wrong year for property taxes, confusing the escrow amount for actual property taxes paid, and neglecting to take the private mortgage insurance deduction.

Did you know that homeowners that make certain energy-efficient home improvements might be eligible for certain tax credits, and homeowners who had a portion of their mortgage forgiven as part of a workout plan, short sale, or foreclosure don’t have to pay income tax on the forgiven debt, provided the mortgage was secured by a principal residence and the total amount of the outstanding debt is not more than the original purchase price plus improvements.

Among the tax questions you’ll find answers to at
• How to Deduct PMI
• How to Deduct Mortgage Interest and Equity Loan Costs
• How to Amend Your Tax Return
• How to Claim Your 2012 Energy Tax Credits

HouseLogic is a free source of information to homeowners from the National Association of Realtors®. It was created to assist homeowners to make smart decisions and take responsible actions to maintain, protect, and enhance the value of their home. HouseLogic has many helpful tips for homeowners to plan and organize their home projects and provides timely articles and news; home improvement advice and how-tos; and information about taxes, home finances, and insurance.

Homeowners should consult a tax professional for any advice applicable to particular transactions or circumstances; the information on HouseLogic should not be relied upon as tax or legal advice.

Please feel free to contact Marie Avery, at 941-358-1818, if you have any questions about our Florida Real Estate market.

About Marie Avery