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IRI Tax tips to help you get through!

Homeowners Rejoice: Tax Breaks Are Here....
Let's be honest: April 15th is/was a day of reckoning, the moment when we find out what we really owe for taxes. In households nationwide wallets are drained and many who were rich on the 14th are greatly impoverished by the 16th.

But for those with real estate the load is made lighter by tax rules which encourage the ownership of homes and investment property. Such rules are not only good for homeowners, they're also good for the country: About 20 percent of all economic activity nationwide is related to real estate, so policies which encourage real estate activity help everyone.

It seems that almost every year changes to the tax code require the production of new forms and a re-education process. That said, the real estate basics remain in place and they're good news for buyers, sellers, borrowers and owners.

(For more detailed information, visit www.1040.com/iri)

1. Mortgage interest is generally deductible.



2. Substantial profits can be sheltered when a prime residence is sold.



3. Points may be deducible by both buyers and sellers.



4. Home offices may be deductible.
   

• Sources and Publications
  As always with taxes, nothing is ever simple or easy. Speak with a qualified tax professional for specific advice -- an enrolled agent, a CPA or an attorney who specializes in tax issues.
  Also, the IRS itself has excellent information at its website, by phone at 1-800-829-1040 and with specialized publications such as those below:
  Publication 523, Selling Your Home
  Publication 527, Residential Rental Property
  Publication 530, Tax Information for First-Time Homeowners
  Publication 535, Business Expenses
  Publication 587, Business Use of Your Home
  Publication 936, Home Mortgage Interest Deduction
  Publication 946, How To Depreciate Property

The information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.If you would like more information on anything in "IRI Tax Tips," or if you'd like to be on our mailing list to receive other tax-cutting information from time to time, please contact our office. We're here to help.

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