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What is IRS Form 8859: Carryforward of D.C. First-Time Homebuyer Credit
Form 8859 is a tax form that will never be used by the majority of taxpayers. However, if you live in the District of Columbia (D.C.), it could be the key to saving thousands of dollars on your taxes. While many first-time home purchasers in D.C. are entitled to a federal tax credit, Form 8859 calculates the amount of carry-forward credit you can use in future years, not the amount of your initial tax credit. Read more…

Tax Breaks and Home Ownership
Home ownership brings with it not only many trips to home improvement stores, but also a slew of tax breaks. It's up to you to take full advantage of the write-offs available to you. Here's what you can and can't deduct. Read more…

Deducting Health Insurance Premiums If You're Self-Employed
Most self-employed taxpayers can deduct health insurance premiums, including age-based premiums for long-term care coverage. Write-offs are available whether or not you itemize, if you meet the requirements. Read more…

Claiming Property Taxes on Your Tax Return
If you pay taxes on your personal property and owned real estate, they may be deductible from your federal income tax bill. Most state and local tax authorities calculate property taxes based on the value of the homes located within their areas, and some agencies also tax personal property. If you pay either type of property tax, claiming the tax deduction is a simple matter of itemizing your personal deductions on Schedule A of Form 1040. Read more…

Federal Tax Deductions for Home Renovation
There are a number of ways that you can use home renovations and improvements to minimize your taxes. Read more…

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