Property-tax deadline is here

Property-tax deadline is here

A reminder that if you pay property taxes semiannually directly to your county treasurer’s office, the second-half payment is due or must be postmarked by Monday (April 30) to avoid delinquency charges.

How to deduct private mortgage insurance from your income taxes

It is that time of year again Tax Time. Homeowner’s often have several deduction options for taxes, so be sure and talk to your tax professional!

How to deduct private mortgage insurance from your income taxes

Homeowners are well aware of the many home-related tax breaks they can claim each filing season.

But there also are a lot of added costs that come with purchasing a home. For buyers unable to make a down payment of at least 20 percent of their home’s purchase price, one of those costs is private mortgage insurance, or PMI. A PMI policy is coverage that you, the homebuyer, pay for, but it protects your lender in case you default on the loan.

Now, however, some PMI payers can use those insurance payments as a tax deduction when they file their returns.

Read More on The Seattle Times…

Incentives for Going Green

Incentives for Going Green

Are you thinking green this Spring? Not only can energy efficient windows, doors and skylights reduce energy bills they can also reduce your federal tax load!

Visit Energystar.gov to see how you can save! These incentives are rewards for making your home more efficient and consuming less energy.

Read Full Story on Realty Times…

Mortgage-financing benefit vanishes

Mortgage-financing benefit vanishes

Though its demise drew little attention because of the partisan year-end brawl over the payroll tax-cut extension in Congress, a key mortgage-financing benefit disappeared at the end of December: The ability of large numbers of homebuyers and owners to write off the premiums they pay for mortgage insurance.

The loss of that tax deduction — plus mandatory new fees imposed by Congress on all new conventional and FHA loans — could effectively ratchet up the costs of homeownership this year.

The expiration of mortgage-insurance deductibility will hit many low down payment conventional loans originated since 2007, plus virtually all new mortgages closed this year where the down payment is less than 20 percent.

Read More on The Seattle Times…

Mortgage tax break at risk?

Mortgage tax break at risk?

Just as Social Security and Medicare benefits were dangled above the shredder in the debt-ceiling debate, another sacred cow could end up on the chopping block soon.

The mortgage-interest deduction, which allows 35 million homeowners to write off their mortgage-interest payments, may be in for serious restructuring if efforts to pare the bulging federal debt are broadened.

Read More…