restate: How Your Status as a New Homeowner Will Affect Your Taxes - 12/31/08 11:23 AM
Many new homeowners have the same question, "How will my status as a new homeowner affect my taxes?" and "What are some deductions I should be aware of?".  Although I cannot provide specific directions on taxes, I can, however, tell you a few things you can deduct on your return to receive the full benefits of home ownership.
For the 2008 tax year, homeowners who do not itemize will be able to deduct property taxes up to $500 for single taxpayers and $1,000 for married couples filing jointly.  This can be deducted on top of standard deductions.
Tax rules can be … (1 comments)