During this Important Tax Filing Season

Larry Doss Thursday, February 21, 2008

During this Important Tax Filing Season it is Important to Remember the Value of Home Ownership.

Although during this tax-filing season we are keenly aware some homeowners are having difficulty paying their mortgages, it is important to realize the benefits which come with home ownership.
Here are some points to consider, and discuss with your tax professional:

· Mortgage interest on your home continues to be tax deductible.

· Property tax is also very much deductible.

· Home energy and tax savings – There can be Energy Tax Incentives, which offer taxpayers a tax credit for improvements made in making their home energy-efficient. These amounts can reduce your tax bill based on the improvement(s) made. The installation of dual pane windows; solar water-heating systems, addition to insulation, and the replacement of old inefficient air conditioning or heating systems.

· For some homeowners private mortgage insurance may be an expenditure that is deductible.

If you own rental property, you may not only deduct these items, but also depreciation, insurance and repairs as well.

GreatWest GMAC Real Estate Professionals encourage you to openly discuss with your Tax Professional, all the benefits that come from home ownership during this important tax preparation season.

Written for GreatWest GMAC Real Estate
by: Myrl Jeffcoat

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