Many of us are knee-deep in paperwork from our banks, our advisors and lenders as we prepare for the April 17, 2007 tax deadline.
Yes, I said April 17, 2007.
April 15 is a Sunday and April 16 is Emancipation Day, a legal holiday in the District of Columbia. So, this year, we all have two extra days to get our federal taxes filed.
If you purchased a home in 2006, you may be entitled to a few extra tax deductions, courtesy of the IRS. Some of the deductions for which you and your accountant should be on the lookout include:
- Interest on a primary mortgage
- Home improvement loan interest
- Discount Points
- Property taxes
- Capital gains exclusion
- Home-based business deductions
- Selling costs and capital improvement
- Moving costs
- Mortgage interest tax credit
- Energy tax credits
If you are not currently working with a tax professional and need a recommendation, call or email me anytime. It would be my pleasure to help you.