Archive for the 'Silver Spring Real Estate' Category
2009-2010 Tax Tips for your Silver Spring Real Estate
February 17th, 2010 Categories: Silver Spring Real Estate
Energy Efficient Tax Credits - 2009
The American Recovery & Reinvestment Act expands your tax deductible opportunites to make energy efficient home improvements in 2009 and 2010. If you make any of the following improvements, you can possibly recover up to 30% of the costs:
- Exterior Windows and Doors - Storm Windows and Doors - Skylights
- Roofs (metal or asphalt) - Insulation and Sealing - Central Air Conditioning
- Air Source Heat Pumps - Furnace (Natural Gas, Propane or Oil)
- Hot Water Boiler (Gas, Propane or Oil) - Advanced Main Circulating Fan
- Water Heater (Gas, Oil, Propane or Electric Heat Pump) - Biomass Stove
Here are some of the stipulations:
- The maximum credit allowed is $1,500
- This credit doesn’t apply to new construction
- Not all products and materials qualify so you must question your vendor or re-modeler
- The equipment or products must last for a minimum of 5 years
- The equipment must be placed in service on or after February 17, 2009
- Improvements made before February 17, 2009 have different qualifications Improvements made in 2009 may be claimed on your 2009 tax return filed by April 15, 2010. Those made in 2010 will be claimed with your filing in 2011.
2 Real Estate related Benefits you might overlook:
1.) Mortgage Refinancing Points - If you refinance your house or buy a second residence, any “points” you pay for the loan can be deducted proportionately each year over the life of the loan. If you sell your home or refinance before you have deducted the full cost of your “points” you can than deduct the remaining amount in the year of the refinancing or sale.
Caution: The lender in the subsequent refinancing must be different to deduct points this way
2.) Moving Expenses - While job related moving expenses are a well known deduction, many people don’t realize that moving expenses for a first job may also be deducted if the job passes a 50 mile distance test from the place the newly employed person has been living.
* This tax update comes from my own CPA James Cantwell. If you have any questions about the above tax tips or need a good Accountant/CPA/ Tax Advisor, I highly recommend this Silver Spring located professional. www.mdtaxcoach.com
Tax Savers - 1751 Elton Road - Silver Spring, Md 20903 - (301) 408-4104
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DC Candy Icon Sets Up Shop in Downtown Silver Spring!
January 13th, 2010 Categories: Silver Spring Neighborhoods, Silver Spring Real Estate
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McMansion Watch in East Silver Spring - From Condemned to Almost Done?
December 14th, 2009 Categories: Silver Spring Real Estate
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Homebuyers Tax Credit Extended and Expanded!
November 19th, 2009 Categories: Home Sellers, Homebuyer, Silver Spring Real Estate
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Can’t wait for the Silver Spring parade? A preview and Fall Fest Event at Northwood HS this weekend
November 12th, 2009 Categories: Silver Spring Neighborhoods, Silver Spring Real Estate
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Goodbye Halloween - Time to Think About Turkey
November 11th, 2009 Categories: Silver Spring Real Estate
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The Silver Spring Real Estate Market’s Crystal Ball
June 17th, 2009 Categories: Home Sellers, Homebuyer, Silver Spring Neighborhoods, Silver Spring Real Estate, Takoma Park Real Estate
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10 Mistakes to Avoid and 25 Easy Fix-ups when Selling your Silver Spring Home
June 9th, 2009 Categories: Home Sellers, Silver Spring Real Estate
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South Silver Spring - Cool, Hip, Urban and Green
March 30th, 2009 Categories: Homebuyer, Silver Spring Condos, Silver Spring Neighborhoods, Silver Spring Real Estate
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New Pharmacy Opens next to Whole Foods in Downtown
March 10th, 2009 Categories: Silver Spring Neighborhoods, Silver Spring Real Estate
| Discussion: 2 Comments »
