Orlando, Celebration and Kissimmee Fl Real Estate

As tax time is upon us and with all the talk about recession, politics and the housing market, most people are not focused on the fact that we are only ten days from tax day.

So if you are a procrastinator as is the American-way, remember to plan for some of your Mortgage and Real Estate related tax deductions to save some money this year.

Here are a few places to save:

1) Discount Points - Lender Discount Points are seen by the IRS as pre-paid interest charges. 

2) Pre-paid Interest - your closing statement shows prepaid interest depending on how many days you will be in the property in the month you close.  

3) Pro-rated Property Tax any property tax you pay at the closing table is deductible

4) Origination Points - Broker fees or Points are also considered pre-paid interest.

5) PMI/MIP - Mortgage Insurance on a loan that is over 80% Loan to Value (LTV) is deductible

Where to consult your Accountant for sure:

6) HELOC / Equity Line - interest on your 2nd Mortgage or Home Equity Line of Credit may be deductible. 

7) Second Home - this is a grey area.  Your accountant knows the rules on deducting mortgage interest on 2nd home mortgages.

8) Depreciation - Investment properties only!!  !

My Professional Advice:

You have your closing package from when you closed your property neatly filed away, right? (nudge nudge)

Get it out and take it with you when you visit your tax preparation specialist or CPA.  Make sure to have your Accountant review your closing statement and IRS Form 1098 that you will receive from your lender in the mail.

Your accountant will then make sure you get credit for all your deductions.

To get the full article, follow this link -o-> Florida Mortgage | IRS Tax Savings on your HUD-1

More Florida Real Estate Industry News You Can Use from
David A. Podgursky, MBA
TheMortgageGoToGuy!!
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Orlando Florida residents and home buyers it is that time of year again to take a closer look at your pest control.  Most importantly your termite bond and udating your termite inspections.

The spring season brings on that spring cleaning urge but don't forget the pest control especially this time of year.  This goes for Orlando Florida buyers and sellers that need to be informed and up to date about potential pests that could be lurking behind walls or beneath the soil.  Don't be the seller caught during the pest inspection with termite or ant infestations.

Did you know termites are America's $5 billion pest problem?  I know it is gross to talk about bugs and the nuisance ants can be as sociable as they are no one wants them at your next dinner party.  You have that glamorous new kitchen or beautiful remodeled garden, but remember Florida is considered a very high risk of termite infestation.  As for ants there are ten different species that can potentially threaten homes so what can we do as a Orlando Real Estate buyer or seller?  

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Just finished my first squidoo lens called How To Make Your Realtor Get You the Best Deal Orlando Florida Edition.  This was my first attempt at doing a lens and it was pretty straightforward and easy to follow.  I first heard about them from Mary McKnight and a coaching class I am taking part in over the next few weeks.

When you consider that one fourth of your income goes to where we live for the average American and that nothing is taught about this in the schools it really seems to be an important subject to cover.

We have donated our books to local libraries and schools in the Orlando area.  This is an important issue especially when you can save many dollars of your own money with just a few of these tools.

So if you are buying real estate in Orlando or somewhere else around the world it is still a great read.

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While the real estate market is definitely in a bad place in Florida, many big, national banks and big, national builders are feeling the pinch.... some are even hitting the bricks - figuratively speaking.

With announcements that Hollywood Florida based TOUSA and Fort Lauderdale Florida based Levitt & Sons are filing bankruptsy, and that Levitt ceased all construction due to massive debt... it would seem that we've seen the end of development in Florida until we absorb what we already have... but that may not necessarily be so!

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