Taxes

Rates Up On Fed Hike Fears, IRS Withdraws Mortgage Regs

Rates are higher again today. What’s going on? Two-year notes (akin to ARM rates) may see their biggest two-week decline since 1982, for example, and their rates have gone up nearly .75%! Traders believe that the Federal Reserve will stop cutting overnight interest rates after the meeting next week, and now two-year yields are above

Benefit of Declining Home Values: Lower Taxes

Just got declined for a refinance loan because because your home’s value declined? Then you may want to check with your county assessor’s office to see if you qualify for a lower assessed value. Many states re-assess quarterly anyway, but in states like California, property taxes are approximately 1.2% per year and set using your

Are Points Deductible?, Refis Down, BofA/Countrywide Merger

From the U.S. Master Tax Guide: “Points on a home mortgage loan for the purchase or improvement of, and secured by, a principal residence are deductible in the year paid to the extent that the payment of points is an established practice in the area… are designated as points on the RESPA settlement statement (HUD-1)

Real Estate Tax Tips For 2007 Filing

Last week, we touched on tax deductions for investment property. So with the tax filing deadline is creeping up, we wanted to add some detail to that and include some extra property tax topics that may come in handy right now, and will also give you some things to think about as you fine tune

Tax Deductions For Income Property

Do you own income property? Or do you plan to take advantage of declining property values in the next year and want to buy an income property? If so, here’s a quick tax-season review of what you need to know. Unlike the mortgage interest and property tax deductions you take on Schedule A for your

Will Higher Conforming Loans & Tax Rebates Prevent Recession?

Treasury Secretary Henry Paulson, along with the House, Senate and White House, has crafted a broad election year economic stimulus package which includes $150 billion in household and business tax breaks, and proposals to up conforming mortgage limits from $417,000 to as much as $729,250. The tax cuts could take a few months, but the

How Do You Select The Right Loan In 2007?

Now that you’ve settled into your routine for the new year, we wanted to give you some tax tips to help you understand and optimize your 2006 filing, and some tips for evaluating costs and rates of your existing or new loans. New loans are used for purchasing a new home, getting cash out of

Real Estate Tax Tips For 2005 Filing

We know tax season can be a confusing time, so we hope the topics below will come in handy right now, and will also give you some things to think about as you fine tune your tax strategy for next year. Tax Formula for Primary Residence The following example explains mortgage interest and property tax

Proposed Changes To Homeowner’s Tax Breaks

As the saying goes, “There are only two certainties in life: Death and Taxes.” But recently, even that seems uncertain. The tax part anyway. As you may have heard or read in the news, there’s currently a tax reform plan floating around Washington, DC that proposes changes to homeowners’ tax benefits. To be clear, it’s

Real Estate Tax Tips For 2003 Filing

We know tax season can be a confusing time, so we hope the topics below will come in handy right now, and will also give you some things to think about as you fine tune your tax strategy for next year. Tax Formula for Primary Residence The following example explains mortgage interest and property tax