MDomire
I was reading the USA Today this weekend and caught this article:
http://www.usatoday.com/money/perfi/taxes/2008-12-11-year-end-tax-tips_N.htm
"Some homeowners, meanwhile, may be able to lower their taxable income by taking advantage of a new tax break for property taxes, says Bob Meighan, vice president at TurboTax, which makes tax preparation software. In October, Congress enacted legislation that lets homeowners who don't itemize increase their standard deduction by up to $500, or $1,000 for married couples, to cover property taxes. The main beneficiaries of this tax break, Meighan says, will be older homeowners who no longer itemize because they've paid off most or all of their mortgages."
Does anyone have any info on what this "legislation" is called? Or how I deducct his on my taxes? I bought my home in September of this year and have not paid enough interest on my mortgage to itemize this year, so I think this would be applicable in my situation. Thanks in advance!
http://www.usatoday.com/money/perfi/taxes/2008-12-11-year-end-tax-tips_N.htm
"Some homeowners, meanwhile, may be able to lower their taxable income by taking advantage of a new tax break for property taxes, says Bob Meighan, vice president at TurboTax, which makes tax preparation software. In October, Congress enacted legislation that lets homeowners who don't itemize increase their standard deduction by up to $500, or $1,000 for married couples, to cover property taxes. The main beneficiaries of this tax break, Meighan says, will be older homeowners who no longer itemize because they've paid off most or all of their mortgages."
Does anyone have any info on what this "legislation" is called? Or how I deducct his on my taxes? I bought my home in September of this year and have not paid enough interest on my mortgage to itemize this year, so I think this would be applicable in my situation. Thanks in advance!