Tagged : tax

Found 3 blog entries tagged as "tax".

moneyhouse_oleg-doroshin_450On the eerily appropriate day of Friday the 13th, the IRS released the final version of its Tangible Property Repair Regulations.

The IRS has been working on these regs since 2004. The final regulations are the fourth version released by the IRS. They supersede temporary regulations that were issued at the end of 2011, and resulted in many complaints from the business community and tax practitioners due to their extraordinary length, complexity, and often hard-line approach.

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Most people dread the thought of gathering their tax information but for homeowners there can often be some good news.  Your home isn’t just a place where you hang your hat and create your memories; it’s often a nifty tax savings that can net you a nice refund. The average tax refund last year was just under $3,000. If you are expecting a refund check you may want to take some of that money and put it toward home improvements that can really pay off.

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Realtytimes.com -  What is it and what does it mean for today's homeowners?

The "mortgage interest deduction", or MID, is a way for homeowners to recoup some of the cost associated with interest paid on mortgage loans for qualifying houses (there's a cap), for both equity debt (loans to improve your home) and acquisition debt (loans to build or buy a home).

 

How much does it save today's homeowners? According to Trulia.com, 38.5 million homeowners (around half) take the mortgage interest deduction. The average mortgage interest tax deduction is $12,200, and a typical benefit for home owners is $3,050 a year.

 

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