Posts Tagged ‘homeowners’
Wednesday, March 9th, 2011
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| Keeping full and accurate homeowner records is vital for determining not only your home deductions, but also the basis or adjusted basis of your home. These records include your purchase contract and settlement papers if you bought the property, or other objective evidence if you acquired it by gift, inheritance, or similar means.You should also keep any receipts, canceled checks, and similar evidence for improvements or other additions to the basis. Here’s some examples: (more…) |
Tags: homeowners
Posted in Individual, Tax | No Comments »
Tuesday, March 1st, 2011
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?by Martin C Lougen Jr., CPA, Partner ??  Under a new state law, homeowners who make more than $500,000 a year are no longer eligible for the basic STAR exemption tax break, worth an average of $500 off their property tax bill. Some towns have already sent out letters to local homeowners notifying them that their STAR exemption has been nullified, while other towns are still in the income verification process. In many instances, these letters have been the result of a faulty income verification process. If you receive this letter and believe it is an error, it is imperative that you act. (more…) |
Tags: homeowners, STAR exemption
Posted in Individual, Tax | No Comments »
Under a new state law, homeowners who make more than $500,000 a year are no longer eligible for the basic STAR exemption tax break, worth an average of $500 off their property tax bill. Some towns have already sent out letters to local homeowners notifying them that their STAR exemption has been nullified, while other towns are still in the income verification process. In many instances, these letters have been the result of a faulty income verification process. If you receive this letter and believe it is an error, it is imperative that you act. (more…)
