Tax Tips for Home Buyers and Sellers

Homeownership provides many tax benefits. Although it's recommended that you speak with your accountant for the specifics that pertain to you and your particular situation, here is an article on the top 10 tax deductions for homeowners, and another on tax deduction tips for anyone who bought or sold a home in 2005.

Do you maintain a home office? If you're one of the lucky ones with a 30-second commute, find out if you qualify for the home office tax deductions and credits offered by the IRS. For additional specifics, visit the home office deductions pages (publication 587 "Business Use of Your Home") at the Internal Revenue Service's website.

Finally, if you were affected by Hurricanes Katrina, Rita, or Wilma... or even if you were generous enough to house anyone displaced by Hurricane Katrina, donated money, food or other services for the relief effort... this article on hurricane tax refunds (also known as hurricane tax relief) may prove useful to you. For additional information on this topic, you can download the IRS publication 4492 "Information for Taxpayers Affected by Hurricanes Katrina, Rita, and Wilma" (in PDF format).