Owner-occupied housing carries significant tax breaks. There's the mortgage interest deduction plus the ability to shelter up to half a million dollars in home-sale profit from capital gains tax. Is it too much? Just right? Not enough?
July 16, 2010; 10:00 AM ET |
Categories: Poll , Taxes , The economy , Weekend Poll | Tags: capital gains tax, housing tax breaks, mortgage interest deduction
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Both houses of Congress have now passed an extension to Sept. 30 of the closing deadline to qualify for the homebuyer tax credit.
Local government revenues are down thanks to the recession and lower real estate values. Some have passed -- or are considering -- an increase in their property tax rate to make up the shortfall. How does that sit with you?
May 21, 2010; 12:42 PM ET |
Categories: Poll , Taxes , Weekend Poll | Tags: Weekend Poll, budget cuts, increased property tax rates, local budget, property tax rates, property taxes
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Since they don't know what did cause the bubble, but they are convinced that low interest rates and loose lending don't bear much of the blame, they conclude that there's little reason to worry about rising mortgage interest rates. And they feel more secure suggesting that government policy makers back away from popular programs aimed at reducing the cost of homeownership.
The IRS just released the new tax form needed by anyone who wants to claim a homebuyer tax credit on their 2009 return. Also, the IRS is telling taxpayers who claim the credit that they will have to send extra paperwork to the IRS to prove that they qualify, and that they must skip electronic filing this year, instead filing the old-fashioned paper return. And they may have to wait a few extra weeks for the IRS to send them any tax refund they may be due.
If you're planning to claim a home-buyer tax credit on your 2009 tax return, you'd better sharpen your pencil. The IRS says you must file a paper return, and cannot file electronically.