2009 Tax Tips for Tulsa OK Home Owners

Your Tulsa OK home is going to be one of the largest, if not the largest investment to be made in your lifetime. How can you ensure that you get the best deductions when it comes to taxes? This is a source of confusion for many home owners.

The Tulsa OK home that you own will allow a variety of ways to benefit from savings when it comes to filing your taxes. The interest rate you pay on a mortgage and the taxes for real estate are two places you can save. Even if you do not plan on getting a refund, the amount you will owe can be reduced.

The best way to find out what taxes and credits you are eligible for is by checking on a few tips. Here are a few that you may qualify for that could result in a substantial savings.

1) Do you itemize deductions? If so, there are now two forms available for itemizing the deductions for your Tulsa OK home. The newest Schedule L is an addition to the schedules for 2009. Although many people use Schedule A, this one can be used instead.

Since only about 1/3 of tax payers itemize, the use of this schedule replaces the old Schedule A and allows homeowners who do not itemize a higher standard deduction. Single taxpayers can add $500 to their deduction and married taxpayers may add $1000. This was designed to cover state taxes that you may have paid over the previous year.

2) In addition, if your Tulsa OK home is located in an area that was declared a federal disaster area, Schedule L can be used to report this loss. After using Form 4684 to figure the amount of your loss, it is added to Schedule L.

3) Interest on the mortgage for your Tulsa OK home is also tax deductible. The definition of home is quite flexible. As long as it contains the amenities of a normal home, it is considered a qualified home. This includes toilet, eating and sleeping accommodations.

When you claim the interest on a mortgage you must itemize your deductions. The amount of the mortgage payment must be secured to get this deduction, but if you use the loan for something other than buying a home, improving an existing home or building one, only the first $100,000 is allowable for deducting interest. 

4) Let’s not forget - Uncle Sam has offered some credit to those who choose to make their Tulsa OK home more energy efficient. The improvements you made that are for the purpose of decreasing the cost of heating and air conditioning. The credits that can be deducted are 30% of the cost you spent to upgrade to energy efficient products.

The credit for certain improvements are not subject to the 30% deduction. Insulation and windows are a $1500 credit instead of 30%. The best form to get for these deductions is Form 5695.

If you are like most people today, you need to take the tax deductions and credits for your Tulsa OK home. The economy is such that saving money whenever you can is necessary. Although these are only a few of the tips you need to save on your home, there are more available if you take the time to look them up. IRS publication 17 may be very helpful.