JBGoodwin REALTORS - Austin, TX  
Career Info

Call (800) 531-5207 or (512) 502-7804
customerservice@jbgoodwin.com 
Home   Buy or Lease   Relocation   Sell a Home   Offices & Agents   Financing   RE Resources   Area Resources   Office Space

•March 2013

•2013 First Quarter Federal
    Tax Developments

•January 2013

•2012 Fourth Quarter Federal
    Tax Developments

•October 2012

•2012 Third Quarter Federal
    Tax Developments

•May 2012

•2012 Second Quarter Federal
    Tax Developments

•April 2012

•2012 First Quarter Federal
    Tax Developments

•January 2012

•2011 Fourth Quarter Federal
    Tax Developments

•October 2011

•2011 Third Quarter Federal
    Tax Developments

•July 2011

•2011 Second Quarter Federal
    Tax Developments

•April 2011

•2011 First Quarter Federal
    Tax Developments

•January 2011

•2010 Fourth Quarter Federal
    Tax Developments

•October 2010

•2010 Third Quarter Federal
    Tax Developments

•July 2010

•2010 Second Quarter Federal
    Tax Developments

•April 2010

•2010 First Quarter Federal
    Tax Developments

•January 2010

•2009 Fourth Quarter Federal
    Tax Developments

•October 2009

•2009 Third Quarter Federal
    Tax Developments

•July 2009

•2009 Second Quarter Federal
    Tax Developments

•April 2009

•2008 Fourth Quarter Federal
    Tax Developments

•January 2009

•2008 Fourth Quarter Federal
    Tax Developments

•October 2008

•Emergency Economic
    Stabilization Act of 2008

•July 2008

•Economic Stimulus Act
    of 2008

•April 2008

•Rebate Checks

•January 2008

•2007 Year-End Tax
    Legislation Alert

•October 2007

•2007 Year-End Tax
    Planning For Individuals

•July 2007

•2007 Business Travel

•April 2007

•2007 Planning -
    Standard Mileage Rates

•January 2007

•2005 Tax Legislation:
    Energy Act of 2005

•October 2006

•2006 Year-end Tax
    Planning

•July 2006

•Arranging HouseholdHelp -
    "Nanny Tax" Law

•April 2006

•Passive Activity Losses

•January 2006

•Paying the IRS - Paying
    Individual Estimated Tax

•October 2005

•Alternative Minimum Tax

•July 2005

•Business Trips That Mix
    Business with Pleasure

•April 2005

•Recordkeeping - Common
    Requirements for Business
    Income

•January 2005

•2004 Tax Legislation:
    Jobs Act General Highlights

•October 2004

•Business Trips That Mix
    Business with Pleasure

•July 2004

•Keogh or SEP for the
    Self-Employed Person?

•April 2004

•Planning for 2003 IRA
    Contributions

•January 2004

•Hiring Your Spouse
    as an Employee

•October 2003

•Selling Investment Property -
    Like-Kind Exchanges

•July 2003

•Making Sure Entertainment
    Expenses Yield Deductions

•April 2003

•Sale of a Residence
    with a Home Office

•January 2003

•Exclusions on Sale or
    Exchange of a Principal
    Residence

Tax Tips

Tax Tips are provided by
Wood, Johnson, Heath, P.C.
8200 North Mopac, Suite 110, Austin, Texas 78759
Tel: 512-343-8075 - E-mail: info@wjh-cpa.com - Web: www.wjh-cpa.com
Certified Public Accountants, Financial Advisors, Management Consultants, Outsourced Service Provider

NOTE: The information in these tips is not intended to constitute legal, accounting, tax, investment, consulting, or other professional advice or services. For specific information that applies to your circumstances you should consult a qualified professional advisor.

March 2013
Tax Benefits of Home Ownership

Buying a home is the single most valuable investment most families make, and home ownership offers tax breaks that make it the foundation for your overall tax planning. The tax law provides numerous incentives to home ownership, including the following:

  • Buying, rather than renting, replaces nondeductible rent with deductible mortgage interest.

  • Taxpayers can deduct an unlimited amount of property tax they pay on any number of residences.

  • Homeowners can exclude up to $250,000 of gain ($500,000 for married couples filing jointly and certain surviving spouses) from taxable income when they sell.

  • There is no penalty for an early withdrawal from an IRA for a "first-time" homebuyer for up to $10,000 so long as the proceeds are used for acquisition of a home.

  • Self-employed individuals may deduct expenses for a portion of the home used for business.

  • An energy credit is available for qualified residential alternative energy expenditures.

  • A temporary provision excludes the discharge of "qualified principal residence indebtedness" from gross income.

Please do not hesitate to call the Certified Public Accountants at Wood, Johnson, Heath, P.C. at 512-343-8075 if you have any questions about these or any tax developments.

 

Wood, Johnson, Heath, P.C.

 

 
American Home Shield