Dear John, I paid off my house at the end of last year and the reduction in the interest payments make it unnecessary for me to itemize this year. Is there any other deductions for homeowners? Phil.
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Hi Phil,
Congrats at burning the mortgage note. To answer your question -If you cannot itemize your taxes this year but pay property taxes there is more money for you. You can get another $500 added to your Standard Deduction for paying property taxes (plus another $500 if you are married filing jointly). You can consider this a discount on your annual property tax bill. (can you say "Ca-ching?")
Best wishes, John
PS. You know? If you are in need of a tax guy, I still have openings on my client list and I would love to help you with that.. Email me
Monday, January 11, 2010
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