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Association Offers Homeowners Tips
to Prepare for Upcoming Tax Season
Ann Arbor, MI –
January 7, 2004 --With the New Year upon us,
people are likely gathering their tax documents and
scheduling an appointment with their accountant to have
their tax return completed. As consumers go through
this process, the Michigan Mortgage Brokers Association
(MMBA) encourages consumers to make sure they take all
mortgage related deductions they are entitled to for
their principal residence, such as interest paid on
a current mortgage.
"Most people are well aware of the
standard tax issues like a W-2, or itemizing charitable
donations, but it's also important to remember that
homeowners are entitled to receive a deduction for interest
paid on their mortgage," said Tim Kleyla, president
of the MMBA.
Additionally, the MMBA recommends that
consumers consider the following tax tips:
- If you have refinanced or sold your home within
calendar year 2003, bring your settlement statement
to your accountant to make sure you are taking all
of the deductions possible.
- If you have recently refinanced, make sure to take
appropriate credit for interest paid to your previous
lender.
- Real estate taxes that you paid are deductible.
- If you are using part of your home for a business
office, bring the total square footage of your home
and the square footage you are using for the office,
as well as your expenses including insurance so that
you can discuss with your accountant the best treatment
for taxes.
- Use the 1098 interest form for the mortgage interest
paid on an annual basis.
For additional consumer information, visit
the Consumer Section of the Michigan Mortgage Brokers
Association web site at www.mmbaonline.com.
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