Some Tax Advantages of Homeownership

Filing income tax returns is an annual rite of dread for most Americans. Winding through the maze of deductions, credits, rules and forms can be quite a chore. Even if you use a tax preparer it still is a time consuming process to organize all the information they’ll need to complete your return. However, it’s […]

Good Faith Estimate Overview

The Good Faith Estimate (GFE) is a standardized document designed to allow buyers an easy way to compare mortgage loan and settlement services. Its use originates by federal law under the Real Estate Settlement Procedures Act (RESPA) in which a mortgage lender or broker must provide a customer this written cost estimate within three days […]

Mortgage Interest Deduction: Who Benefits Most?

The mortgage interest deduction (MID) has come under attack recently by some experts who have advocated its elimination as a deficit reduction method of saving costs to the government. Some of the speculation centers on the MID being foremost a benefit to the wealthy. However, the MID primarily benefits middle-income households, with 65% of families […]

Form 1099 Reporting Requirements to Expand

Last year Congress enacted the Small Business Jobs Act of 2010 that has expanded the number of people who may be required to file a Form 1099-MISC. This specifically will target many property owners who receive rental income. Beginning in 2011, recipients of rental income from real estate will be subject to the same information […]

Energy Efficient Tax Credits

The recently signed tax deal between Congressional Republicans and President Obama which extended the Bush-era tax cuts also included a revised extension of the energy efficient improvement credit. Certain energy efficient improvements to windows, insulation, etc. made throughout 2010 are eligible for tax credits of up to 30% of the cost with a lifetime cap […]

Condominiums In Danger of Losing FHA Eligibility

A mandate issued in 2009 by the Federal Housing Administration required that all condominium projects approved for FHA guaranteed loans and refinancing prior to 2007 submit additional documentation by December 7, 2010 in order to remain FHA eligible. This requirement aims to greatly improve the financial stability of these condo projects by guaranteeing adequate budgets […]

Fair Housing May Expand

A bill introduced in the House of Representatives by John Conyers (D – Michigan), Jerrold Nadler (D- New York), and Edolphus Towns (D- New York) would expand the protected classes under the Fair Housing laws to prevent discrimination based on sexual orientation, gender identity, source of income, or marital status. Another provision of the legislation […]

Mortgage Interest Deduction Still Overwhelmingly Popular

Some rumblings have been made in Washington, D.C. which have questioned the desirability of eliminating the mortgage interest deduction for personal income tax. This position would be vehemently opposed by many groups the most vocal being the National Association of Home Builders and the National Association of REALTORS©. A survey commissioned by the NAHB recently […]

Closing Deadline Extended for Tax Credit

It came down to the last day, but Congress did finally pass the Home Buyer Assistance and Improvement Act. Within this bill lies a provision for extending the closing deadline of the Extended Home Buyer Tax Credit from the original date of June 30th to now September 30th. In order to receive this credit home […]

Tax Credit Closing Extension May Become Reality

The U.S. Senate voted earlier this week to approve an extension of the closing deadline for those qualified buyers who are otherwise eligible for the Extended Homebuyer Tax Credit, but who will be unable to meet the June 30th closing deadline. This news would be tremendously beneficial to an approximated 180,000 buyers who were under […]