Comments on: Buy or Refinance a Home Last Year? Know Your Tax Deductions! http://www.creditinfocenter.com/wordpress/2009/01/08/buy-or-refinance-a-home-last-year-know-your-tax-deductions/ For the Up To Date News Fri, 20 Nov 2009 15:08:53 -0700 http://wordpress.org/?v=abc hourly 1 By: Christy http://www.creditinfocenter.com/wordpress/2009/01/08/buy-or-refinance-a-home-last-year-know-your-tax-deductions/comment-page-1/#comment-1545 Christy Thu, 22 Jan 2009 05:38:39 +0000 http://www.creditinfocenter.com/wordpress/2009/01/08/buy-or-refinance-a-home-last-year-know-your-tax-deductions/#comment-1545 I purchased my home July 1, 2008 then refinanced December 29, 2008 due to a lower interest rate. Will this make a difference in me getting the $7500 tax credit for first time home buyer? I purchased my home July 1, 2008 then refinanced December 29, 2008 due to a lower interest rate. Will this make a difference in me getting the $7500 tax credit for first time home buyer?

]]> By: John F http://www.creditinfocenter.com/wordpress/2009/01/08/buy-or-refinance-a-home-last-year-know-your-tax-deductions/comment-page-1/#comment-1506 John F Tue, 13 Jan 2009 05:36:19 +0000 http://www.creditinfocenter.com/wordpress/2009/01/08/buy-or-refinance-a-home-last-year-know-your-tax-deductions/#comment-1506 Hey there Cindy, Tis a good summary of deductions to include on Schedule A, Fed 1040 long form. Only other one I noticed which may apply as a deduction - Due to a recent change in the IRS tax code, I believe for those with PMI or MIP (private mortgage insurance or Mortgage Insurance Premiums), one can take an itemized deduction on Schedule A (Form 1040), line 13, for premiums you pay or accrue during 2008 for qualified mortgage insurance in connection with home acquisition debt on your qualified home. Mortgage insurance premiums one paid or accrued on any mortgage insurance contract issued before January 1, 2007, are not deductible as an itemized deduction. See IRS pub 530 http://www.irs.gov/publications/p530/ar02.html for details. John :) Hey there Cindy,
Tis a good summary of deductions to include on Schedule A, Fed 1040 long form.

Only other one I noticed which may apply as a deduction – Due to a recent change in the IRS tax code, I believe for those with PMI or MIP (private mortgage insurance or Mortgage Insurance Premiums), one can take an itemized deduction on Schedule A (Form 1040), line 13, for premiums you pay or accrue during 2008 for qualified mortgage insurance in connection with home acquisition debt on your qualified home.

Mortgage insurance premiums one paid or accrued on any mortgage insurance contract issued before January 1, 2007, are not deductible as an itemized deduction.

See IRS pub 530 http://www.irs.gov/publications/p530/ar02.html for details.

John :)

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