There were numerous tax laws enacted in 2008, creating a slew of new breaks. Here are three new tax credits to note:First-time homebuyer credit. Those who purchased a principal residence in 2008 ...

You may have heard the term credit shelter trusts but have no idea what this means. Simply put, it's a way for married couples to transfer their assets without wasting the estate tax exemption to whic...

The marital home may be a couple's largest asset. Often, in the course of splitting up, the home may be sold so the proceeds can be divided and each spouse can move on. Sometimes, one spouse remains i...

Selling your home at a profit? You may be eligible to notpay tax on the first $250,000 of gain from the sale, or up to $500,000 on a joint return. To do this, you must meet answer "yes" to key tests. ...

The tax law lets you receive tax-free income when you sell your main home-capital gain up to $250,000 ($500,000 on a joint return) is not taxed. However, prices today are much higher than they were 10...

If you own a home, records are important to help minimize the gain that is reported on a future sale. During the current housing market, many homeowners aren't thinking about gain; they're hoping not ...

One of the biggest breaks in the tax law is the opportunity to receive tax-free income when you sell your home-up to $250,000 of gain can be tax free ($500,000 on a joint return). Qualifying for this ...

You may be able to generate income by renting out your main home or a second home for part of the year. For instance, say you own a beachfront condo in Miami or a house on Cape Cod. If you're willing ...

Interest on personal credit card debt is not deductible. However, homeowners are in a unique position to reduce their monthly payments and at the same time transform this debt into a tax deduction. He...

If you or someone in your household has a condition that requires certain capital improvements, you may gain an immediate tax break. Normally, home improvements, other than certain energy upgrades tha...

If your home is too big for you and your family, you may decide to rent out a room or other living space for rental income. For instance, say you have a two-family home, so you rent out one unit. The ...

Being a homeowner entitles you to deduct many of the costs you pay each year, including property taxes and mortgage interest. Here are some tips to help you get the most from your deduction opportunit...

Homeowner's insurance may not cover all of your losses resulting from a storm or other unexpected catastrophe. Fortunately, the tax law can help by allowing you to deduct the uninsured loss. Here's wh...

In order to lower the interest rate on a mortgage, you may be able to make an up-front payment, called "points." A point is a type of interest charge that represents 1% of the mortgage amount, so two ...

According to the U.S. Census Bureau, 42 million people move in this country each year. Individuals move on average 11.7 times in their lifetime. Odds are, sooner or later, you'll be moving. The cost o...

For PMI obtained only in 2007, the premiums are treated as interest deductible as an itemized deduction as long as the homeowner's adjusted gross income (AGI) is no more than $100,000 (the deduction p...

The desire to join the nearly 70% of Americans who are homeowners entails various intangibles: pride of ownership and becoming a part of a neighborhood. Home ownership also has a direct impact on your...

Raising enough cash for a down payment and closing costs can be challenging with all the other expenses you have to pay on an ongoing basis. Typically, the down payment is at least 20% of the price of...

Your job may entitle you to more than just a paycheck. Your employer may help pay the cost of education for you, and perhaps your spouse and children as well. This can be a highly valuable fringe bene...

It's rare that you can have your cake and eat it, too, but that's just what happens in the case of conservation easements. Usually, you have to give your entire interest in property in order to obtain...