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Courtesy of: Dona DeZube   (Published: January 10, 2013)   From the mortgage interest deduction to energy tax credits, here are the tax tips you need to get a jump on your returns. Mortgage interest deduction Private mortgage insurance deduction Prepaid interest deduction Energy tax credits Vacation or second home tax deductions Home buyer tax credit repayment Property tax deduction Mortgage interest deduction One of the neatest deductions itemizing home owners can take advantage of is the mortgage interest deduction, which you claim on Schedule A. To get the mortgage interest deduction, your mortgage must be secured by your home — and your home can even be a house trailer or boat, as long as you can sleep in it, cook in it, and it has a toilet. Interest you pay on a mortgage of up to $1 million — or $500,000 if you’re married filing separately — is deductible when you use the loan to buy, build, or improve your home. If you take on another mortgage (including

While lending remains tight in troubled markets, banks are starting to relax standards for borrowers with good credit in recovering areas of the country. In some parts of the country, borrowers with good credit are more likely to be able to borrow 95% of the purchase price than they were just a few months ago. According to The Wall Street Journal, in troubled markets (i.e. Florida) credit remains tight and mortgage companies continue to scrutinize property appraisals, which makes it difficult for some borrowers to get financing. But in most areas of the country where prices are stabilizing or falling only slightly, standards are relaxing. This is great news and another sign that the economy is truly beginning to improve. Visit my website for more up-to-date real estate news.

Buying a home vs. renting is a big decision that takes careful consideration, as most mortgage consultants & realtors will agree. But the rewards of home ownership are great. For many years, purchasing real estate has been considered an extremely profitable investment. It is an achievement that offers a sense of pride, financial stability and potential tax advantages. Yes, there are certain responsibilities associated with owning a home. Landlords will often argue the benefits of renting, and for obvious reason. If you are renting, you're helping them make their mortgage payment. The numbers are staggering if you look at it this way. If you are paying $1,000 per month for an apartment, and you know your rent will increase 5% every year, then over the next five years you will pay your landlord $66,309. If you are currently renting a house, you may be paying much more than that each month. Either way, you gain no equity by shelling out this monthly housing expense and you certain