Tax Time

April 15th is almost upon us. Here is some info I received from the realtor magazine on the subject of taxes and interest deductions. Hope this info helps you.
Taxpayers may deduct on Schedule A of Form 1040 mortgage interest on the purchase or home equity debt on two residences, their primary home and another dwelling, including a boat or a mobile home. These dwellings must have sleeping, cooking, and toilet facilities to qualify for a loan interest deduction. Interest paid on vacant land isn’t deductible.Real estate taxes are deductible on all properties owned by the taxpayer — not just the first two. The deduction must be taken in the year the taxes are paid. Taxes placed in escrow are deductible when they are paid to the taxing authority, not when the money is put in escrow. Penalties and interest on late tax payments aren’t deductible. Also, in order to deduct taxes and interest, the taxpayer must itemize instead of taking the standard deduction.Source: Houston Chronicle, Shannon Buggs (03/27/08)

I Have sent my taxes off just last week. This is the latest I have every waited to do so. Boy the closer you get the more my nerves were getting at me. I think next year I will start a little earlier in the tax world.
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