Now that you’ve taken the big step toward the American dream of becoming a homeowner, you need to know what tax deductions for homeowners are out there. The good news is there are plenty of home related expenses you can deduct, whether you live in a single-family, town house, condo or mobile home. The bad news is, if you want to take complete advantage of your homes deductions, it can get more completed and you may need the help of a professional.
However, many homeowners believe the effort that goes into itemizing is worth the time. So, if you believe that itemizing is right for your tax situation, we have some homeowner tips for what you can deduct, things you can’t and how to get the most from your taxes.
Mortgage interest will be your largest tax break. For most homeowners, the bulk of your monthly mortgage payment goes toward interest. So, it’s all deductible, unless your loan is more than $1million. Loans over $1million are limited on tax deductions.
If you refinanced your home or got an equity line of credit for less than $100,000, it is fully deductible. And, if you own multiple properties, your mortgage interest is also fully deductible.
If you paid points to get a better rate on your home loan, you will qualify for a tax break. You can deduct the points you paid in the year you paid them if your loan was to maintain a home or build a home. Furthermore, if you paid points to refinance your home loan, you are eligible for a tax break. This will also apply to home equity lines of credit.
Other Big Deductions
Property taxes are another big deduction you can use. In many cases, your property taxes are paid to an escrow account and paid out annually. You should see this amount in your yearly tax statement from your mortgage company. So, as long as you own your home, you can use these taxes as an annual deduction.
If you’re looking for a city with easy navigation, Tulsa, OK should be on your mind. Between Tulsa’s Downtown Coordinating Council and the Vision 2025 initiative, there are new city goals to convert all the one-way streets into two-way streets. As it is now, Main Street from Sixth Street to 10th Street allows only one direction, which is north to south. The Vision package allocated $457,000 for the street project on Main from Sixth Street to Seventh Street to include that conversion. And, the Downtown Council set aside $115.000 to create the conversion between Seventh Street and Tenth Street.
This improvement will revitalize Downtown Tulsa and make it more accessible to suit everyone’s needs. The people that don’t work in the downtown area will soon want to visit the area because the two-way streets will make it easier for them. Between 2001 and 2008, a number of streets were converted to make the traffic more accessible. Boston Avenue from Third Street to Tenth Street are the most recent conversion projects completed.
When funding is available, the Downtown Tulsa project will be to complete Fifth Street from Denver to Boulder Avenues, Fourth Street from Denver to Detroit avenues, Boulder Avenue from First to Eleventh Streets and Cheyenne Avenue from First Street to the Broken Arrow Expressway.
According to the Director of the Metro Chamber Downtown Development, the conversions are in line with Tulsa’s Downtown master plan. The streets will be more pedestrian-friendly. There will also be more people on the streets, which will bring more business. It may even encourage new growth with retail stores, restaurants and even hotel operations.
This is exciting news and will keep Tulsa, OK on your mind.
Searching for the best place to call home in Tulsa can be made easier with the right real estate professional. After you’ve been pre-qualified for a loan, you can begin searching the Tulsa area at full speed. The area in which you live will dictate your whole way of life, like walking to a nearby park with your children, knowing the other children your kids will attend school with and being close to restaurants and shopping for convenience. These are all pluses to knowing you will appreciate your new home and neighborhood at a healthy rate.
One way to help find the perfect neighborhood is to get in the car and explore it, especially if you’re not familiar with the area. A good Realtor® will be able to tell you about the strong points and the weaknesses of specific neighborhoods you may be looking at.
Some questions to ask your Realtor® when looking for the perfect neighborhood are:
√What are the crime statistics? No one wants to live in a neighborhood when homes are broken into often. There are websites that provide you with information on such problems. Or, you can visit the local police department, which is the best way to get the most information.
√What is the school district like? Even if you don’t have school age children this will be important in the future when you want to sell your home.
√Are the schools in walking distance?
√Do you want to be close to shopping areas?
√Do you want to be in an area with public transportation?
√Do you want to be in close range of restaurants and parks?
Remember a home is not just an investment when you have a family. You’ll have to consider how many bedrooms you’ll need, if an attached garage is needed and you’ll want to consider the community first.
All of these are important things to consider when you have a family and you’re looking for the perfect neighborhood.
Tulsa’s Central Library set trends for library’s across the nation with its innovative architecture design. And now it’s up for another renovation. The library opened in downtown Tulsa as a symbol of education and literacy with a vision that would pave the way for how we use public libraries today. Charles Ward, the man who designed the Central Library in 1965 was not happy with the functionality of libraries back then. You’d have to go through a card catalog to find your book and then the librarian would have to retrieve it from a stack of books that ran from floor to ceiling. Therefore, he designed the Central Library so everyone could retrieve their own books and for use as a gathering space to inspire ideas or public discussions. Back in the 60’s it was a unique design. People were not used to walking through and taking books for themselves. However, the low stacks allowed people to browse for on their own.
Mr. Ward visited the library to retell how he conceived the idea for the unique design. Now, on the second floor you will find a two story quote wall, and a plaque with the names of the people responsible for constructing the original library can be seen next to it in bronze words. The plaque hides a time capsule that includes newspapers and photo’s that will be opened in the future.
Tulsan’s are now face with the job of how to improve the half century old building. They rejected a bond proposal to build a new building in a different location in 2004 and decided to stay downtown. Local Tulsa resident’s have voted to use $12 million from the reserve for a major renovation. Meyer Scherer & Rockcastle out of Minneapolis was hired to lead the renovation and construction will begin next fall with the reopening in the fall of 2013.
The future back then – The original design for the library in the mid 60s included open floor plans, low book stacks, kiosks for displays and carpeting to cut down on noise. They added a fountain in the atrium to fill a large space, which was a unique design for a library. The basement has a working space and storage room and the foundation was constructed to support two extra floors. Who knew they were actually thinking that far ahead.
People liked the children’s section with its small furniture and reading room. There was also an electronic media room created to hold collections since electronic media was just beginning to be part of the normal everyday life. Once upon a time, Tulsa’s Central Library even boasted about their 16mm films, long playing records, projectors and microfilm that was available to its visitors.
We’ve come a long way in such a short amount of time. So, we’ll see how much talk the new renovations will get.
Halloween is over and it’s on to the next great holiday. Thanksgiving is for family and friends, entertaining, or you just may spend that time in quiet gratitude. But, no matter how you will spend your holiday, if you are prepared, you’ll enjoy your holiday so much more. Therefore, we have found some tips to get you started while there is still plenty of time. You’ll enjoy a lovely Thanksgiving and have a head start on Christmas, too.
Getting organized for your holiday rush:
Holiday events: If you and your family enjoy holiday productions, then order tickets early to assure you’ll get the best tickets before they sell out. Special shows sell out fast and you don’t want to be left out.
Travel: If you’re planning a trip for the holidays, be sure to book your travel arrangements now. Thanksgiving is the busiest time for travel, so get your tickets weeks in advance.
Outside décor: Decorate the outside of your home so that quests will feel more welcome. It will help everyone to be in the spirit of the season. Use door wreaths, makeover planters and outside pots with fall colors and things you can gather from the yard.
Inside décor: Decorate your home’s interior with a fall wreath for the wall. Make a centerpiece for the Thanksgiving table. Make these items ahead of time and get the kids involved to make it a family project. They’ll enjoy finding things to use from outdoors such as branches with berries, pine cones, and foliage that is bright with fall colors.
Menu: Plan your holiday menus and shop for items that will keep for some time to lighten your load closer to the big day. Also, plan your guest list and get those invitations in the mail. If you plan to have over night guest, consider items you’ll need to make their stay more enjoyable and get that shopping done as well.
Have a wonderful holiday and enjoy your Thanksgiving!
Working on your behalf as single party brokers, we offer guidance that will help you make knowledgeable decisions in either buyer or seller situations. So, when you’re ready to become a homeowner or sell your property, contact Tulsa Realtors® Tom and Bev Herring. Or, visit their website at: TomAndBev.info.
It’s time to clean up Tulsa with free landfill days on October 22nd and October 23rd. All Tulsa homeowners can bring their junk piles and dump them for free at the landfill. There are two landfills in Tulsa in the same proximity with the primary location at 13740 East 46th Street North, which is open from 7 a.m. until 3 p.m. each day. All Tulsa residents and those who pay utilities will be able to dump for free. You must show a valid driver’s license or a City of Tulsa utility bill for free entrance to the landfill on those assigned days
The outline below is to provide additional information about the landfill:
* Items containing Freon refrigerant will NOT be accepted (air conditioners and refrigerators).
* Discarded tires with rim sizes up to 19.5 inches will add a fee of $2.50 each. For tires larger than 19.5 inches, there will be a fee of $3.50 each. Motorcycle and smaller tires will require a fee of $1.00 each. These fees cover the state fee for disposal and recycling of tires.
* Trucks and trailers should have secured and covered contents to prevent contents from blowing onto roadways and creating possible hazards and littering fines.
There are two landfills on East 46th Street. Look for the Quarry Waste Management Inc. signs for the free landfill on specified days.
Working on your behalf as single party brokers, we offer guidance that will help you make knowledgeable decision in either buyer or seller situations. So, when you’re ready to become a homeowner or sell your property, contact Tulsa Realtors® Tom and Bev Herring. Or, visit their website at: TomAndBev.info.