If you have a vacation home or an unrented investment property, remember you can deduct interest and property taxes on a first and a second home. The interest is still only deductibel up to $1,100,000 but that amount is deductible.Questions? Call me at 818-317-6035 or email me at bstonercpa@sbcglobal.net and we can discuss them.And Remember:You can count on us to count for you!
Brian’s Tax Musings – Limits on the mortgage interest
Just a reminder; the maximum amount of mortgage you can deduct interest on is $1,100,000. The IRS tends to target interest deductions of more than $50,000, so be prepared to prove your interest deduction if it is that much.Any questions, call me at 818-317-6035 or email me at bstonercpa@sbcglobal.net and we can discuss.Remember, You can count on us to count for you!
Brian’s Tax Musings – Here is a holiday that helps with tax filings
Hope you had a happy St Patricks Day over the weekend (and that you don’t have a headache today.) While not a celebrated national holdiay, we treat it as such, even if we aren’t irish.Well there is another holiday that is even more useful; it gives you an extra day this year to file your taxes. It is called Emancipation Day and it is celebrated in Washington DC on April 16 (making it a holiday for the federal government). So because April 15 is on a Sunday this year, you would normally have to file by April 16. But because of Emancipation Day you have until April 17 to file in 2012.Here is a little more information about Emancipation Day:http://www.timeanddate.com/holidays/us/emancipation-day-dcRemember, You can count on us to count for you!