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Featured Issue: Big Tax Breaks Benefit Homeowners
Homeowner Qualifications for Deductions
- You MUST be willing to itemize deductions on your tax return.
- Your personal income, for the 2002 tax year, didn't exceed $68,650.
- If you file jointly with your spouse the ceiling is $137,300.
- If you exceed the IRS' limits in either case, your deductions may be limited.
- You purchased your home.
- If you acquired your house as an inheritance, in a divorce settlement, as or gift, you'd be well-advised to seek professional assistance.
- You used the home as collateral for a mortgage.
- The home is a single-family dwelling, a townhouse, condo, mobile home, houseboat or a co-op unit.
- Co-ops, however, have special rules, so be sure you understand the details or work with a tax a professional.