Livonia, Mich (PRWEB) April 5, 2009
Many homeowners fail to take the basic deductions Uncle Sam gives them, such as mortgage interest, property taxes and, beginning last year, Private Mortgage Insurance (PMI). According to the Government Accountability Office (GAO), nearly 1 million Americans over pay their taxes each year to the collective tune of $945 million. And in the 2008 tax year, there are new credits available to some, namely President Obama's first-time home buyer tax credit.
Quicken Loans has created a Homeowner Tax Tips educational video that explains the most commonly overlooked tax deductions, such as:
- Home Interest: The interest you pay each and every month on your loan is most likely tax deductible.
- Property Taxes - If you pay property taxes, those also are usually deductible. If you don't remember paying them, contact your local municipality, as its likely they were escrowed in your loan and are being paid on your behalf by your lender.
- Discount points on a mortgage - Whether you bought a home, or refinanced an existing loan, the points you paid may be deductible. In addition, points paid on your behalf by the seller can be deducted by you.
- PMI - Thanks to a law passed in 2007, Private Mortgage Insurance (PMI) is now tax deductible for many.
- First-Time Home Buyer Tax Credit: Last year, the government provided a $7,500 tax credit for first-time home buyers (those not owning a primary home in the last three years). In January, 2009, this was increased to $8,000 for homes purchased between January 1 and November 30, 2009. If you qualify, you can take this credit on your 2008 or 2009 taxes.
An accompanying news article is available at http://www.quickenloans.com/taxtips2009. Your tax consultant can tell you if you're eligible for these specific credits.
The Homeowner Tax Tips video is available on the Quicken Loans YouTube channel, which hosts a series of educational videos on subjects ranging from the home appraisal process to the President's new Home Affordability Plan. The Quicken Loans Mortgage News page also offers up-to-date mortgage industry news and podcasts.
About Quicken Loans:
Quicken Loans is the nation's largest online retail mortgage lender and one of the top ten largest retail lenders overall. The company closes loans in all 50 states via the Internet from centralized locations in Southeast Michigan; Cleveland, Ohio; North Scottsdale, Ariz., as well as its San Diego-based One Reverse Mortgage. Quickenloans.com has been named "Best of the Web" by Forbes and Money magazine.
Quicken Loans has been named to FORTUNE Magazine's "100 Best Companies to Work for" list for six consecutive years, ranking as high as #2, and also has ranked #1 or #2 on Computerworld's list of "100 Best Places to Work in Technology" for the past four years. For more information, visit http://www.QuickenLoans.com.