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Archive for the ‘Home & Taxes’ Category:

Sequester Countdown: What Will Happen to Mortgages?

Posted in Government Programs, Home & Taxes, Market News, Trends | February 28, 2013

In the days leading up to the imposition of sequester-driven cuts, analysts, agencies and think tanks have expressed concern about its effects on housing and mortgage programs. The sequester, if Congress and the President don’t pass a budget, will take place on March 1, 2013. The National Housing Committee and Center for Housing Policy says that states will immediately lose funds (to the tune of over $3 billion) for housing help, including grants for down payments, mortgage credit certificates, and rental assistance.  Federal Reserve Chairman Ben Bernanke told Forbes that sequestration-driven cuts will wipe out all or nearly all of the gains that he has engineered with the Fed’s generous monetary policy — that is, the economic stimulus resulting from low interest rates, including mortgage rates. In addition, Bernanke says that without the

Taxes & Your Home: A Checklist of Deductions and Credits

Posted in Home & Taxes | April 13, 2011

 As the tax and home-buying season kicks into gear, now is a good time to take stock of the tax benefits that come from home ownership. The granddaddy of home-related income tax write-offs  - number one on our list – is the mortgage interest deduction (MID). Created in 1913, it has survived the Great Depression, two world wars and the massive 1986 tax reform effort. In 2009, 34.6 million Americans claimed the mortgage interest deduction – and the average mortgage deduction was $8,917, according to figures from the National Association of Home Builders. There’s been some talk lately about eliminating or reducing the mortgage interest deduction, and so we’ve prepared an infographic (there’s a glimpse of it above) that looks at how the mortgage deduction is distributed state-by-state using data

The Home Mortgage Interest Tax Deduction [Infographic]

Posted in Home & Taxes, Saving Money | April 12, 2011

This tax season millions of people will be claiming their home mortgage interest tax deduction. This year, however, there’s been some talk about eliminating or reducing the mortgage interest deduction as the federal government looks for ways to balance its budget. We were curious to see how the deduction adds up for people across the country so we prepared an infographic that looks at how the mortgage deduction is distributed state-by-state (data sources include the National Association of Home Builders and Joint Committee on Taxation). Check out the infographic to learn more about the mortgage interest tax deduction and see how your state stacks up – then share with your friends. And don’t forget there are other ways to save money on taxes if you are a homeowner. To learn

Planning Ahead: Energy Efficiency Tax Credits for 2011

Posted in Home & Taxes, Saving Money | April 11, 2011

If you have been meaning to make green home improvements to your home, you might think that you missed the boat, since some credits were set to expire at the end of 2010. However, at the end of 2010 a massive tax package was passed, and it included continued energy efficiency tax credits for 2011. They aren’t as good as what you could get in 2010, but it’s better than nothing. Here’s a summary, based on information from the IRS and EnergySavers government program, on what kinds of green tax credits you can expect in 2011: Green Home Improvement Credits for 2011 In 2010 you could get a tax credit for 30% of your green home improvement costs, including extra insulation and better roofing, for up to $1,500. For 2011,

Tax Tips for Your Home

Posted in Buying a Home, Home & Taxes | April 1, 2011

It may be April Fools’ Day today, but don’t be a fool when it comes to understanding the tax benefits that come from buying a home. Here at the LendingTree blog we’ve been publishing a series of blog posts that explore homeowner tax themes. Below we compile some handy blog posts to help you understand the range of tax benefits associated with owning a home: Tax Break Benefits When You Buy a Home: If you own your home, you can take certain tax deductions every year. Here are some of the common tax deductions available to homeowners: Tax Deductions and Your Vacation Home: With home prices so low, many people are wondering if now might be the time to buy a second home. From a tax standpoint, it’s not a