common homeowner tax errors

Common Homeowner Tax Mistakes

common homeowner tax errors
With tax time around the corner, we read about some interesting items to consider regarding home owners and common tax mistakes. The article is from (a website connected to the National Association of Realtors) entitled 9 Easy Mistakes Home Owners Make on their Taxes.

Points from their article include:

  • Tax Mistake #1: Deducting the wrong year for property taxes
  • Tax Mistake #2: Confusing escrow amount for actual taxes paid
  • Tax Mistake #3: Deducting points paid to refinance
  • Tax Mistake #4: Misjudging the home office tax deduction
  • Tax Mistake #5: Failing to repay the first-time home buyer tax credit
  • Tax Mistake #6: Failing to track home-related expenses
  • Tax Mistake #7: Forgetting to keep track of capital gains
  • Tax Mistake #8: Filing incorrectly for energy tax credits
  • Tax Mistake #9: Claiming too much for the mortgage interest tax deduction
  • Please note that this article seems to be a reprint from one published in 2011 so tax laws and rules may have since changed.

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