Mobile Eastern Shore home owners can get various income tax deductions on their principal residence or second home, such as mortgage interest, property taxes, and in some cases, for Private Mortgage Insurance. Read the 2008 guidelines from Turbo Tax:
You can deduct:
How much can I save?
The actual amount of money you save on your annual income tax bill depends on a variety of factors
Your home-related deductions, plus your other itemized deductions must add up to more than the standard deduction (increased by the amount of property taxes noted earlier that are allowed to non-itemizers), or they won’t save you any money.
What can’t I deduct?
Learn more about Mobile eastern Shore home ownership by visiting JudySells.com.
Is bigger better? Should I move up to a larger home is a question many Mobile Eastern Shore homeowners are asking. The questions below will help you decide whether you’re ready for a home that’s larger or in a more desirable location.
Continue reading134 Old Mill Road, a Mobile Eastern Shore home for sale in the golf course community of Rock Creek in Fairhope AL.
Continue readingMore and more Mobile Eastern Shore home buyers looking for green features in the home they buy. The green trend is a means of lowering costs, becoming more environmentally friendly, and adopting a healthier lifestyle.
The average green buyer will shell out $12,400–on average–for green features, according to the National Association of REALTORS. National Association of Home Builders green-building standards program manager Kevin Morrow expects the market share of green-certified homes to rise to 20 percent in 2010 from about 10 percent in 2009 and 2 percent in 2006.
Green features Moble Eastern Shore home buyers are looking for include energy efficiency, water efficiency, resource efficiency, and indoor air quality and include such elements as Energy Star appliances, low-flow shower heads, carpets and paint with low volatile organic compounds, and building materials procured from local suppliers.
Today’s Mobile Eastern Shore home buyers benefit from tax credits and other financial incentives.
Learn more about buying green by visiting JudySells.com or give us a call anytime.
If you are thinking of selling your Mobile Eastern Shore home this spring, now is the time to start getting ready to sell. Below are 5 things to do before putting the ‘For Sale’ sign in the yard.
Continue readingIncredible bay breezes and views from 7049 Windmere Place, a custom built brick home in Fairhope’s Windmere Place.
Continue readingMobile Eastern Shore home buyers will benefit this year from the “American Recovery and Reinvestment Act of 2009,” which was signed into law last week by President Obama provides an $8000 tax credit for first-time home buyers.
Important Provisions:
If you bought a home last year under the old $7,500 tax credit rules, those rules still apply to your 2008 home purchase.
If you purchased a home after January 1, 2009, or are thinking of buying a Mobile Eastern Shore home this year and want to learn more about the $8,000 tax credit, give me a call or visit JudySells.com.
Issues you will want to consider are the definition of adjusted gross income, how to apply for the credit, what happens if your total tax liability is less than the credit, definition of ‘principle residence’, and other issues. I am happy to advise you as to how you can benefit from the tax credit.
