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Q:
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If I received a homebuyer tax credit in 2008 do I have to pay the credit back to the IRS? |
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A:
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Yes, homebuyer credits received in 2008 will be required to be repaid over 15 years starting in 2010.
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Q:
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If I received a homebuyer tax credit in 2009 do I have to pay the credit back to the IRS? |
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No, it does not have to repaid. |
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Q:
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Has the homebuyer tax credit expired? |
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A:
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Yes, the 10% maximum $8,000/$6,500 first time home homebuyer credit expired in 2010.
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Q:
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What is the maximum amount of mortgage interest that can be deducted on my tax return?
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A:
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For tax years beginning after 1987, taxpayers can deduct interest on "acquisition indebtness" (up to an aggregate amount of $1,000,000) and "home equity indebetedness" (up to an aggregate amount of $100,000). The total cannot exceed $1,100,000.
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Q:
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What is Acquisition Indebtedness?
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A:
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Acquisition indebtedness is debt secured by your qualified residence and which was incurred for acquiring, constructing, or substantially improving your qualified residence.
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Q:
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What is a qualified residence? |
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A:
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A qualified residence is the taxpayer's principal residence and one second residence. |
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Q:
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What types of expenses can I deduct on my tax return as a homeowner?
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A:
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Mortgage interest, real estate taxes, certain points, certain loan origination fees.
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