Good Morning,
Happy New Year! During this tax season I wanted to share some useful information.
Mortgage insurance premium payments can be written off for 2015 and 2016. Many homeowners pay this premium since they could not afford the 20% down payment when they purchased their homes, so this is of particular significance in our communities.
Also, homeowners who have had mortgage debt forgiven via short sales, modifications, etc. will not be liable for the taxes on the forgiven debt. This is valuable to keep in mind as you move forward to know your options. In an article it stated that "For example, an owner who participated in a short sale and had $100,000 of mortgage debt forgiven, might owe the IRS $28,000 or more." With the renewed tax break this will not be a concern.
In addition, The federal budget bill that Congress passed along with the extenders legislation also reauthorized the biggest home energy-efficiency tax subsidy of all — the 30 percent credit for installing "renewable energy" improvements such as solar panels, wind and geothermal equipment.
Referring to a tax specialist will prove useful. Hope this information was useful. Check out the link below from the Seattle Times. Enjoy your week!!
http://www.seattletimes.com/business/real-estate/homeowners-included-in-year-end-giveaways/
Commissioner Ursula Higgins
Chairperson, ANC 5B
Single Member District 5B02
Telephone: 202-321-5289
Email: 5b02@anc.dc.gov
Website: www.anc5b.org
--
--
WardFive@googlegroups.com is open to WardFive residents for community discussion and information sharing.
To post to this group, send email to wardfive@googlegroups.com
To unsubscribe from this group, send email to wardfive+unsubscribe@googlegroups.com
For more options, visit this group at http://groups.google.com/group/wardfive?hl=en
---
You received this message because you are subscribed to the Google Groups "WardFive" group.
To unsubscribe from this group and stop receiving emails from it, send an email to wardfive+unsubscribe@googlegroups.com.
For more options, visit https://groups.google.com/d/optout.
0 comments:
Post a Comment