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Great Homes... Great Neighborhoods!
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March 30, 2010
By Judy Giannasio

April is tax time. How is your biggest asset doing?  Those Bluegrass homes are a great tax deduction. Home expenses can be deducted on the Form 1040 (long form) and itemized on Schedule A.  Also the mortgage on your Bluegrass Home is deductible – real estate taxes, qualifying interest and premiums. Check with your tax accountant to get up to date information.  Also repairs and improvements that add value may qualify for a tax deduction. Be sure to keep receipts!  Energy efficient upgrades such as Energy Star windows, water heaters and HVAC may also qualify.  A good site to check is www.energystar.gov to see if your projects qualify.

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