Courses in this Department
Want to Invest in Real Estate?
How to Hire a Realtor
What's the Key to Locking in a Mortgage?
How to Improve Your Credit
Watch out for Mortgage Fraud
Need a Buyer-Broker?
Learn How to Best Insure Your Home and Save Money
Avoid Trouble on Your Kids
Downward Direction for Down Payments
How to Hire a Contractor
Save Money by Cancelling Your Private Mortgage Insurance ("PMI")
Crunch the Numbers and Drop Your Private Mortgage Insurance ("PMI") Payments
Who's Watching your Deposit Money?
Remodeling Value: Your Best Investments
More Than One Way to Pay for Remodeling
File Your Income Tax Returns Early and Save Money
Types of Loans Available for the Self-Employed
Top Five Homeowner Tax Saving Ideas
File Early for Tax Refund
Now is the time to start organizing and preparing yourself to file your 1999 return.
You could be entitled to a refund. Why let the IRS hang on to your money any longer
Here's what you'll need:
W-2 Forms from
1099 forms from your banks, brokers, and mutual funds
form from your mortgage lender reporting your home mortgage interest
from charities verifying large cash donations or any noncash donation higher than
Medical bills if your medical costs exceeded 7.5% of your gross income
Here are a few reminders and tips:
1 - Refinancers: Generally,
the IRS requires lender points in a refinance to be amortized over the life of
the loan. However, if you've refinanced your home more than one time, and you
refinanced again in 1999, any points that haven't been amortized can be deducted
2 - Home Sellers: If you owned your home on August 5, 1997
and sold it before August 5, 1999, you're eligible for a portion of the $500,000/$250,000
capital gains break (exclusion), even if you don't meet the requirement of having
owned and lived in the home for at least two years.
3 - Direct Deposit
- The IRS has begun offering the option of depositing your refund check directly
in your bank, or directly into your brokerage or mutual fund account.
4 - IRA or Keogh contribution. Want to reduce your tax liability for 1999? How
do you do that now that we're in year 2000? Make a deductible contribution to
a retirement account, anytime before April 17. Keogh accounts must have been established
before December 31, 1999 to qualify for the 1999 deduction. Check the income limits
to determine if you qualify for a deduction.
Help for New Homeowners
If you're a new homeowner, prepare yourself for the shock of itemizing on
your return-it's a lot more work than the good old 1040-EZ. If you're a do-it-yourselfer,
you'll have to obtain the necessary forms and instructions, as well as the records
from your home purchase, escrow statement and mortgage interest payments.
Fortunately, the IRS has a number of booklets that help homeowners to file
and take advantage of available deductions. Many forms and publications can be
downloaded from the Internal Revenue Service web site at www.irs.ustreas.gov. You
also can obtain these booklets by calling your local IRS office or toll-free to
(800)TAXFORM (829-3676). Start with No. 530 Tax Information for Homeowners. Also
see No. 936 Home Mortgage Interest Deduction and No. 932 New Rules for Home Mortgages.
Check out No. 521 Moving Expenses, and you'll need to file IRS Form 3903 for Moving
Home-based business owners should read No. 587 Business Use
of Your Home. Owner-investors may want to see No. 534 Depreciation and No. 551
Basis of Assets. Apartment dwellers should read No. 588 Condominiums, Cooperative
Apartments and Homeowners Associations.
If you sold your home last year,
you'll need IRS Form 1099-S Proceeds from Real Estate Transactions to report the
sale of your home and any capital gains.
Want More Information