Publication 530 - Tax Information For Homeowners - 2011
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16Publication 530
Contents
Cat. No. 15058K
Tax
Department
What’s New for 2011 . . . . . . . . . . . . . . . 1
of the
What’s New for 2012 . . . . . . . . . . . . . . . 1
Treasury
Information for
Reminders . . . . . . . . . . . . . . . . . . . . . . 2
Internal
Revenue
Introduction . . . . . . . . . . . . . . . . . . . . . 2
Service
Homeowners
What You Can and Cannot Deduct . . . . . 2
Real Estate Taxes . . . . . . . . . . . . . . . 3
Sales Taxes . . . . . . . . . . . . . . . . . . . 4
Home Mortgage Interest . . . . . . . . . . . 4
For use in preparing
Mortgage Insurance Premiums . . . . . . . 7
2011
Mortgage Interest Credit . . . . . . . . . . . . 8
Returns
Figuring the Credit . . . . . . . . . . . . . . . 8
First-Time Homebuyer Credit . . . . . . . . 9
Basis . . . . . . . . . . . . . . . . . . . . . . . . . 10
Figuring Your Basis . . . . . . . . . . . . . 10
Adjusted Basis . . . . . . . . . . . . . . . . 11
Keeping Records . . . . . . . . . . . . . . . . . 11
How To Get Tax Help . . . . . . . . . . . . . . 13
Index . . . . . . . . . . . . . . . . . . . . . . . . . . 16
What’s New for 2011
Hardest Hit Fund and Emergency Homeown-
ers’ Loan Programs. If you are a homeowner
who received assistance under a State Housing
Finance Agency Hardest Hit Fund program or
an Emergency Homeowners’ Loan Program,
you may be able to deduct all of the payments
you made on your mortgage during the year. For
details, see Hardest Hit Fund and Emergency
Homeowners’ Loan Programs under What You
Can and Cannot Deduct, later.
First-time homebuyer credit. For most peo-
ple, the first-time homebuyer credit is not avail-
able for homes purchased in 2011. However,
certain members of the uniformed services and
Foreign Service and certain employees of the
intelligence community can claim the credit for
homes purchased in 2011. For details, see
First-Time Homebuyer Credit, later and the
Form 5405 instructions.
Future developments. The IRS has created
a page on IRS.gov for information about Publi-
cation 530, at Information
about any future developments affecting Publi-
cation 530 (such as legislation enacted after we
release it) will be posted on that page.
What’s New for 2012
Get forms and other information
Mortgage insurance premium deduction.
faster and easier by:
The itemized deduction for premiums you pay or
accrue for qualified mortgage insurance in con-
Internet
IRS.gov
nection with home acquisition debt on your qual-
ified home is no longer available after 2011.
Mar 06, 2012
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