As we rapidly progress toward tax time, April 15, in an atmosphere of economic doom and gloom, there are still some positive situations from which a homeowner can benefit in dealing with homeownership. This article offers a variety of suggestions on tax deductions for homeowners over the 2008 and 2009 tax seasons that you may want to pass along to your clients.
Due to the current economy, homeowners will want to be aware of these important tips, and know whether they qualify for specific deductions, when it is time to submit their tax return.
These tips will provide a focus for current year taxes as well as years going forward.
1. New Home Due to Relocation Tax Deductions
If you purchased a home due to a transfer or new job, you may also have some deductions based on the following requirements: the new location must be 50 miles (one way) or further from your new job than if you had not moved. So, you cannot take this deduction if you are moving within the same city or neighborhood.
The move has to have occurred within a year of starting the new job. You must have worked full time (for any employer) for 39 weeks during the year following the move as long as the location of your new employer is in the general neighborhood of your new home. Continue reading this post