Tax Deduction May Apply to Dallas Homeowners

Tax Deduction May Apply to Dallas Homeowners

THE MOST OVERLOOKED TAX DEDUCTIONS 

I saw this on Kiplinger.com.  

There were several but the last one caught my attention.  It could apply to you or someone you know.  

Home-buyer credit

Most people think this credit expired in 2010 ... and it did for most homeowners. But, there’s a special rule for members of the uniformed armed services, the foreign service or the intelligence community who were on extended duty outside the United States at least 90 days during the period after December 31, 2008, and ending before May 1, 2010. If you qualify and you bought a home before May 1, 2011, you may qualify for a tax credit worth $8,000 (for home buyers who didn’t own a home in the three years leading up to the purchase of a new home) or $6,500 (for longtime homeowners who continuously owned a home for at least five of the eight years leading up to the purchase of a new home). The credit gradually disappears and is phased out for taxpayers with adjusted gross incomes between $125,000 and $145,000 (for singles) and $225,000 and $245,000 (for married couples who file jointly).


Jill Elliott is a realtor with JP and Associates Realtors.  She specializes in residential real estate in Frisco, Plano, The Colony and Little Elm.  She can be reached at 404-285-7798 or JillElliotthomes.com



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Frisco, TX
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