SOURCE: National Association of Realtors
WASHINGTON, DC--(Marketwire - Mar 4, 2013) - Tax season is underway, and home owners gearing up to meet the April 15 filing deadline can find the tax tips and insights they need at HouseLogic.com, the award-winning comprehensive website for home owners from the National Association of Realtors®.
HouseLogic's "Home Owner's Guide to Taxes" can help filers take advantage of the tax benefits that come with homeownership while avoiding common home-related tax mistakes.
"From the mortgage interest deduction to energy tax credits, many home owners can take advantage of a variety of tax strategies that can lower their tax bill," said Pamela Kabati, NAR senior vice president of communications and HouseLogic spokesperson. "For example, a family who bought a home last year with a $200,000, 30-year, fixed-rate mortgage, assuming an interest rate of 4.5 percent, could save nearly $3,500 in federal taxes when they file this year."
HouseLogic also offers tips to keep home owners from making unnecessary mistakes on their taxes. "9 Easy Mistakes Home Owners Make on Their Taxes" identifies common errors like deducting the wrong year for property taxes, confusing the escrow amount for actual property taxes paid, and neglecting to take the private mortgage insurance deduction.
Home owners who make certain energy-efficient home improvements may be eligible for certain tax credits, and owners who had a portion of their mortgage forgiven as part of a workout plan, short sale, or foreclosure don't have to pay income tax on the forgiven debt, provided the mortgage was secured by a principal residence and the total amount of the outstanding debt is not more than the original purchase price plus improvements.
Among the tax questions you'll find answers to at HouseLogic.com:
Home owners should consult a tax professional for any advice applicable to particular transactions or circumstances; the information on HouseLogic should not be relied upon as tax or legal advice.
HouseLogic is a free source of information and tools from the National Association of Realtors® that helps home owners make smart decisions and take responsible actions to maintain, protect, and enhance the value of their home. HouseLogic helps home owners plan and organize their home projects and provides timely articles and news; home improvement advice and how-tos; and information about taxes, home finances, and insurance.
The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.
Information about NAR is available at www.realtor.org. This and other news releases are posted in the "News, Blogs and Video" tab on the website.