Tax time is here, and if you just purchased a home in 2007, do not forget to read up on all the tax deductions that are allowed by Homeowners. Laws are always changing, so please make sure to speak with a tax consultant to get the most deductions on your taxes. Here are just a few items that should be able to be deducted on your 2007 taxes:
* Your property taxes.
* The mortgage interest on your primary residence, as well as any secondary residence you own. (There are limits, but relatively few taxpayers are affected.)
* The interest on up to $100,000 borrowed on a home-equity loan or home-equity line of credit, regardless of the reason for the loan.
* Points you paid when purchasing the house (or convinced the seller to pay for you).
* For homes purchased in 2007, the premiums paid for private mortgage insurance in 2007. (The right to this deduction disappears as adjusted gross income rises from $100,000 to $110,000 on a joint return and from $50,000 to $55,000 on a single return.)
* Home improvements required for medical care.
Did you also know that you can sometimes deduct the expense of moving your pets? If you are changing jobs and meet a couple of tests, you can deduct your moving expenses — including the cost of moving your dog, cat, or other pet from your old residence to your new home. Your pet — be it a Pekingese or a python — is treated the same as your other personal effects.
So, be sure to check with your tax consultant before filing your tax returns this year.
