Here are the highlights of the housing benefits included in the tax compromise that President Obama signed recently:
Private mortgage insurance is tax deductible. The agreement extends through 2011 a provision allowing home owners to deduct these insurance premiums. To qualify for the full deduction, homeowners must have an adjusted gross income of $100,000 or less. Taxpayers with an AGI of $100,000 to $109,000 can claim a partial deduction. Borrowers can’t deduct premiums on home loans that closed before 2007.
Tax credits are available for energy-efficient home improvements. Home owners who installed insulation, new windows or other energy-saving improvements in 2010 are eligible for a tax credit worth 30 percent of the cost’ up to a lifetime maximum of $1,500. Those who make improvements in 2011 still get a tax credit, but it is capped at $500. (source: USA Today)
Teesie Howell
Loan Officer
Presidential MortgageGroup
4701 Cox Road Ste. 365
Glen Allen, VA. 23060
217-4925 (direct)
804:512-1578 (cell)
804:270-1855 (fax)
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