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Best Tax Breaks Of 2011 Are Found In The Home

August 10th

This year most of us are looking for ways to save, every way we can. However, few know that the best place to find some great, often-overlooked tax breaks is in the home.

Real Estate

Unfortunately, recent months have been some of the hardest for the domestic real estate market. This means that many homes are being sold far beneath their market value, if at all, and many others are suffering foreclosure.

However, this misfortune can have a silver lining since short sales and foreclosures both involve debt forgiveness. The difference between what was owed on the mortgage and what the bank received in the sale – which, in these cases is cancelled – can count as income. Many unknowingly end up with unpaid taxes over this amount, which can lead to tax debt and tax audits.

Energy-Efficient Systems

Also, if your family has installed any kind of energy-efficient systems in the home you will automatically qualify for a deduction: 30 percent of the cost of installation. This tax deduction applies to all eco-friendly systems, such as solar panels, wind energy, or geothermal heating systems.

Support for Adult Relatives

There is also a tax break for supporting an adult relative. You may qualify for this deduction if you pay more than half the support for your parents or any adult children who make less than $3,650 per year.

This deduction can be harder to qualify for than some of the other ones mentioned, but it can be generous. For any who qualify a portion of their support – including such items as food, lodging, and medical care – can be deducted.

 
 
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