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Your Tax Breaks Could Expire in 2014, Dallas/Fort Worth!!

tax breaks expiring 2013

A New Year can mean a lot of changes to current tax breaks that are currently being extended to homeowners in Dallas, TX. The reason I say can mean a lot of changes is that currently it’s unclear how lawmakers will treat the expiration on several popular tax breaks currently available. Congress has the ability to extend these and historically they have been extended but at the present time we are uncertain as to the outcome.

So what are some of these tax breaks and incentives you ask?

Well let’s start by talking about a big one that impacts a lot of homeowners in the Dallas and Fort Worth area: Mortgage insurance premium deduction. Since 2007, if you qualify you are able to take a deduction for the mortgage insurance paid to your current servicer for FHA, VA, USDA and private mortgage insurance. Now this has and is currently income dependent so you will want to check with your CPA or Accountant to see if you qualify however unless the law is extended no deduction will be allowed for amounts paid after December 31, 2013.

Another popular one, especially here in Dallas given our Texas heat, is the tax credit for qualified energy efficient improvements. Currently homeowners are able to claim a credit of up to $500 for installing energy efficiency improvements to their primary residence. Some of these improvements include additional insulation, energy efficient doors, windows, roofs, etc. This credit expires at the end of 2013 unless extended.

Keeping with the energy efficient improvements, many builders in Dallas and Fort Worth, since 2006, have been able to build and market new homes as “green” or energy efficient homes. Depending on the manufacturing of the products and the certification held by the builder these credits range from $1,000 – $2,000 per year. Again, unless extended these will expire at the end of 2013 and homeowners will no longer be able to claim these large credits.

Now it’s not all bad, especially since home sales are still booming in the area. According to CNN Money, home values are at an all-time high in Dallas! Since history tells us Congress will renew/extend many of these great tax incentives now might be a great time to buy or sell. If you are in the market please give us a call today.

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