The Monthly Bulletin

February 2011

Christopher J. Palmer
Senior Mortgage Planner - NMLS# 291079

314-448-4281
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Cherry Creek Mortgage
13321 N. Outer Forty Drive - Chesterfield, MO 63017

The top three homeowner tax deductions

The April 18th federal income tax filing deadline is just around the corner. Below is a list of the top three homeowner tax deductions for 2010.

Mortgage Interest – This is by far the most beneficial tax break for homeowners. Millions of homeowning citizens will collectively save billions of dollars using this tax deduction.

Real Estate Taxes – The taxes paid on a personal residence and property are another major deduction for homeowners.

Mortgage Insurance – Mortgage insurance paid in 2010 can be tax deductible. However, only mortgage insurance contracts issued from 2007 to present are eligible.

By the end of January, you should receive a Form 1098, which will show the total amounts of mortgage-related tax-deductible expenses you paid in 2010. According to the IRS, you must itemize these deductions on Schedule A of Form 1040. Additionally, certain eligibility restrictions, such as income limits, may apply. Be sure to consult your tax advisor.