IRS Tax Deductions from your Mortgage

As tax time is upon us and with all the talk about recession, politics and the housing market, most people are not focused on the fact that we are only ten days from tax day.

So if you are a procrastinator as is the American-way, remember to plan for some of your Mortgage and Real Estate related tax deductions to save some money this year.

Here are a few places to save:

1) Discount Points - Lender Discount Points are seen by the IRS as pre-paid interest charges. 

2) Pre-paid Interest - your closing statement shows prepaid interest depending on how many days you will be in the property in the month you close.  

3) Pro-rated Property Tax any property tax you pay at the closing table is deductible

4) Origination Points - Broker fees or Points are also considered pre-paid interest.

5) PMI/MIP - Mortgage Insurance on a loan that is over 80% Loan to Value (LTV) is deductible

Where to consult your Accountant for sure:

6) HELOC / Equity Line - interest on your 2nd Mortgage or Home Equity Line of Credit may be deductible. 

7) Second Home - this is a grey area.  Your accountant knows the rules on deducting mortgage interest on 2nd home mortgages.

8) Depreciation - Investment properties only!!  !

My Professional Advice:

You have your closing package from when you closed your property neatly filed away, right? (nudge nudge)

Get it out and take it with you when you visit your tax preparation specialist or CPA.  Make sure to have your Accountant review your closing statement and IRS Form 1098 that you will receive from your lender in the mail.

Your accountant will then make sure you get credit for all your deductions.

To get the full article, follow this link -o-> Florida Mortgage | IRS Tax Savings on your HUD-1

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More Florida Real Estate Industry News You Can Use from
David A. Podgursky, MBA
TheMortgageGoToGuy!!
Your Source for Residential and Commercial
Mortgage Loans in Florida

Celebration Florida Affordable Housing | great choice for your College Student instead of the dorm or apartment

Trying to figure out where your college student will live while he/she is at school?

• Dorm is reserved for freshman?
• Frat house is only for parties?
• Off campus apartments are in terrible condition and expensive?

Consider buying an affordable housing condominium for your student instead!

Using FHA loans, you can qualify as a non-occupant co-borrower and have your child on the loan to purchase a great condominium or townhouse near campus.

Why would you consider it?

First of all, Credit. This is a great credit builder.

Secondly, most students prefer living with a roommate, who pay rent to your child which can go to paying the mortgage.

Third, responsibility... owning as opposed to renting means your students have to learn to take care of the place.

Fourth, the tax benefits of having more mortgage interest deductions (consult your CPA)

Fifth, there's a better market to resell an affordable house/condo than a run down duplex near campus. Believe it or not!

For more information, visit the full article at -o-> Florida Affordable Housing College Students’ perfect place to live

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More Florida Mortgage and Real Estate News You Can Use From
David A. Podgursky, MBA
TheMortgageGoToGuy.com
Your Source for Residential, Commercial, Investment and Relocation Mortgages in Florida

Florida Mortgage | Subprime Bailout ~ Preliminary views of the plan

I had to at least make a mention of the new plan to bail out the Subprime Mess and I was in a Clint Eastwood Western sort of mentality. So, I will relate my feelings to the Good the Bad and The Ugly.

I think that in all, it will help some people... but I just don't believe the way that things are being carried out are in the best interest of the masses for more than one reason.

The Good - There are a lot of loans that are about to jump, some even double. This Congressional Bailout of these borrowers will help those people who are about to get a shock... a BIG shock.

The Bad - OK... so these borrowers have some relief.

Now the big test is will they learn their lesson from the scare and start a financial plan to get themselves on track for the big three issues for a loan application so that they can refinance in the future.

They need to work on:

• Credit
  
• Income
• Assets
  
• Also - Equity

The Ugly - now this is where I'm going to be bordering on ranting.

Congressman Barney Frank - are you reading this??

This plan is by far one of the most dangerous pieces of legislation in US History. This was bred from ignorance and arrogance.

I do not care how bad this problem is or will become...

The Mortgage Industry is built upon the freely moving, market driven Mortgage Backed Securities Market. Rates, programs, etc are all based on this FREE market that is without government interference!

The US Government has NO business regulating this market and industry in anyway.

YES! The Homeowners are hurting... but they have been in this position for at least a year and have heard enough news that this storm was coming. Ohh... now I'm unpopular...

But... there are investors around the world who bought into these investments. They made the decision to back risky mortgages and who's right is it to tell them that they do not deserve the returns that they signed up for??

No ones! Especially not the Federal Government of the United States.

For the FULL ARTICLE follow this link to -o-> Florida Mortgage Subprime Bailout ~ Preliminary views of the plan

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More Florida Mortgage and Real Estate News You Can Use From
David A. Podgursky, MBA
TheMortgageGoToGuy.com
Your Source for Residential, Commercial, Investment and Relocation Mortgages in Florida