Publication 530 - Tax Information For Homeowners - 2008
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16Publication 530
Contents
Cat. No. 15058K
What’s New . . . . . . . . . . . . . . . . . . . . . 1
Tax
Department
of the
Reminders . . . . . . . . . . . . . . . . . . . . . . 1
Treasury
Introduction . . . . . . . . . . . . . . . . . . . . . 2
Information for
Internal
What You Can and Cannot Deduct . . . . . 2
Revenue
Real Estate Taxes . . . . . . . . . . . . . . . 2
Service
Homeowners
Sales Taxes . . . . . . . . . . . . . . . . . . . 3
Home Mortgage Interest . . . . . . . . . . . 3
Mortgage Insurance Premiums . . . . . . . 6
Mortgage Interest Credit . . . . . . . . . . . . 7
Figuring the Credit . . . . . . . . . . . . . . . 7
For use in preparing
First-Time Homebuyer Credit . . . . . . . . 8
2008
Basis . . . . . . . . . . . . . . . . . . . . . . . . . 9
Returns
Figuring Your Basis . . . . . . . . . . . . . . 9
Adjusted Basis . . . . . . . . . . . . . . . . 10
Keeping Records . . . . . . . . . . . . . . . . . 10
How To Get Tax Help . . . . . . . . . . . . . . 13
Index . . . . . . . . . . . . . . . . . . . . . . . . . . 15
What’s New
First-Time homebuyer credit. If you qualify
as a first-time homebuyer you may be able to
claim a one-time tax credit of up to $7,500
($3,750 if married filing separately). See
First-Time Homebuyer Credit, later.
Limit on itemized deductions. Certain item-
ized deductions (including taxes and home
mortgage interest) are limited if your adjusted
gross income is more than $159,950 ($79,975 if
you are married filing separately). For more in-
formation, see the Instructions for Schedule A
(Form 1040).
Mortgage debt forgiveness. You can ex-
clude from gross income any discharges of qual-
ified principal residence indebtedness made
after 2006 and before 2012. You must reduce
the basis of your principal residence (but not
below zero) by the amount you exclude. See
Discharges of qualified principal residence in-
debtedness, later, and Form 982, Reduction of
Tax Attributes Due to Discharge of Indebted-
ness (and Section 1082 Basis Adjustment), for
more information.
Real estate tax deduction for nonitemizers.
You may be able to take a deduction for real
estate taxes you paid even if you do not itemize
deductions on your income tax return. See your
tax return instructions for additional information.
Reminders
Photographs of missing children. The Inter-
nal Revenue Service is a proud partner with the
National Center for Missing and Exploited Chil-
Get forms and other information
dren. Photographs of missing children selected
faster and easier by:
by the Center may appear in this publication on
pages that would otherwise be blank. You can
help bring these children home by looking at the
Internet
photographs and calling 1-800-THE-LOST
(1-800-843-5678) if you recognize a child.
Dec 17, 2008
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