ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 11/23/2011
Your FREE ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 11/23/2011 list has been posted.
These are Single Family Homes ‘Active’ on the Birmingham MLS. These homes
are ripe for the picking. Don’t Let them pass you by. ACT NOW!!
I hope you have an awesome day, packed with smiles while searching for your active Birmingham AL Real Estate Dream.
There are several tax credits and deductions set to expire at the end of the year, and given the federal deficit problem, there’s a good chance they won’t be extended.
If you itemize deductions, you may deduct the premiums you pay for mortgage insurance, just like you do mortgage interest. To qualify for the full deduction, a couple or a single taxpayer must have an adjusted gross income of $100,000 or less.
A deduction of up to $4,000 for qualified education expenses is available for 2011. All or part of the amount you pay can be for classes beginning in 2012. But you must make your payments during 2011, because the deduction expires at the end of the year. This deduction is not available if your modified adjusted gross income is more than $80,000 ($160,000 if filing a joint return). Nor is it available if any of education tax credits are claimed.
Any homeowner may qualify for an energy credit of up to $500. You can qualify for the credit if you purchase during 2011 solar panels to generate electricity or for water heating, or install wind energy equipment, a geothermal heat pump, or certain types of fuel cells to generate electricity. The credit is up to 30 percent of the amount you spend, up to the $500 limit.
If you itemize, you can deduct either your state and local taxes or your sales taxes paid during the year. This deduction is a boon for people who live in states with no or low income taxes. However, the deduction for sales and use taxes instead of state income taxes is scheduled to expire at the end of 2011.
A tax credit for adoption expenses has been available for many years. However, an enhanced adoption credit is available for adoptions finalized before 2012. The credit is up to $13,360 of adoption expenses. For 2011, this is a nonrefundable credit, meaning you qualify for it even if it exceeds the amount of your 2011 tax liability. This means that you could qualify for a tax refund even if you did not have federal income tax withheld.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL- 11/23/2011