Tax Benefits From Your Home Purchase

Tax

Tax (Photo credit: 401K)

With tax season upon us, filing a tax return may be at the top of your to do list for this month. Whether you are ready or not to tackle your returns, it should be of great comfort to know that there are some great tax advantages available to you as a homeowner. One of the documents you are sure to find essential this year is your settlement statement, or HUD-1, that you received when you bought your home. To save you from the frustrating task of digging through piles of 2011 paperwork, I have enclosed a copy of this important document for your use.

While the HUD-1 settlement statement is packed with items that you will want to include in your deductions, it can be hard to decipher which deductions you are eligible to take. We here at John L Scott Northwest would like to ensure that you benefit from all the tax advantages available to you and help you understand what you can include on your income tax forms. If you have any questions on which deductions you would be eligible for, or have general inquiries regarding our transaction, please call us right away. We’ll be happy to help in any way we can and refer you to an experienced tax advisor or personal accountant to help ensure you receive every homeowner tax advantage.

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