Nashville Mortgage News- 2009 Tax Deductions You’ll Want to Know About

Nashville Mortgage News- 3 Tax Deductions You Need

As we approach tax time again this year, it’s a good idea to get brushed up on those tax benefits of being a homeowner.  And I’ve got 3 good ones to share with you:

1. Property taxes-  prior to 2009 tax year, you had to itemize your deductions to get this tax benefit. As of tax year 2009, the new rule is that homeowners who don’t itemize can increase their standard-deduction amount by up to $500 if they’re single, and up to $1,000 if they’re married and file  jointly to account for property taxes paid during 2009. They would need to include a Schedule L with their 2009 return, but it’s definitely worth it if they qualify.   Don’t be among the millions of taxpayers who will claim only the standard deduction and miss out on the savings.
2. Refinancing Points – When you buy a house, you get to deduct  the points paid to get your Nashville mortgage (all at once). When you refinance a mortgage, however, you have to deduct the points over the life of the loan.  That means you can deduct 1/30th of the points per year if it’s a 30-year mortgage.  It’s not a ton of savings, but hey, everything helps when you’re trying to lower your tax bill legally.
3. Moving expenses– If you were unemployed in 2009 but you got a new job, moving expenses may be deductible if you moved more than 50 miles away, and now you don’t have to itemize to get it. For 2009, you can deduct the cost of getting yourself and your household goods to that new area 50+ miles away. This includes 24 cents/mile for driving your own vehicle, plus parking fees and tolls.

As always, please consult with your tax preparer for more information about these deductions, as well as others you may qualify for.  As your Nashville mortgage lender, I want you to be able to keep as much of your money as you possibly can!