new homeowner tax return

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For single filers, the amount is 5,700 in 2010, up by 2Heads of household can claim 8,400 in 2010, up Non-itemizers can also add any casualty losses that occurred in presidentially-declared disaster areas.Some, however, might find that claiming the standard deduction remains their best move.However, this law expired on Dec.Educators' Deduction You can deduct up to 250 (500 if married filing joint and both spouses are educators, but not more than 250 each) of any unreimbursed expenses you paid or incurred for books, supplies, computer equipment (including related software and services other equipment, and.Youve just taken another step up the American-dream ladder and are a homeowner.If you do find that itemizing is best for your tax situation, heres a look at homeowner expenses you can deduct on Schedule A, ones you cant and some tips to get the most tax advantages out of your new property-owning status.Estate Tax Exemption, for 2010, there is no federal estate tax. ."You can include the cost of improvements made to the property in the cost basis of the property when you're determining any capital gains on the sale Christakos said.In 1997, the law was changed so that up to 250,000 in sales gain (500,000 for married, filing jointly) is tax-free as long as the homeowner owned the property for two years and lived in it for two of the five years before the sale.

Tax Credit of up to 8,000 for First-Time Homebuyers and 6,500 for Existing Homeowners.
Removing the limit on conversions effectively eliminates the income limit on contributions to Roth IRAs.
If your home sells for more than you paid for it your tax or cost basis that extra money can be considered taxable income at capital gains rates subject to certain thresholds and rules.
Tuition and Fees Deduction You can deduct up to 4,000 of college tuition and fees through 2014.You must have worked at least 900 hours a school year in a school that provides elementary or secondary education.Also, the opportunity to contribute to a Roth IRA is now phased out as your modified Adjusted Gross Income rises between 167,000 and 177,000 if you are married filing jointly, or 105,000 to 120,000 if you are single or a head of household.The tax landscape changes yearly.In these cases, the tax-free gain amount is prorated.Second home sales also can provide some tax benefits, but not as much as they did in the past, thanks to a law that took effect in 2008.Employees will get the credit in advance via lower income tax withholding in each argos tv promo codes paycheck, not as a rebate check.