Do you own a home? What you should know about your home and about your 2013 taxes.

Are you a homeowner? What you should know about your home and your 2013 taxes. What You Should Know About Your Home and Your 2013 Taxes [As a REALTOR as well as a tax preparer for H&R Block, I like to be sure all my customers have the most up to date information to save them money on their home and their tax return. If you have a question, don't hesitate to contact me at Susan@ShoreFun4U.com - Ocean City MD. Homes for sale, rent and investment with Long & Foster. H&R Block phone: 410-860-8635. Susan.Antigone@tax.hrblock.com ]

Published: December 12, 2013 By: Dona DeZube It’s the last year for three sweet home tax benefits, but the first for a way simpler home office deduction. These days few things start a fight on Capitol Hill faster than taxes. Despite the fact that three important tax benefits used by millions of American homeowners are days from expiring, Congress is unlikely to do anything to re-up them any time soon. So if you’re eligible, tax year 2013 is possibly the last time to claim the private mortgage insurance (PMI) deduction, the energy tax credit, and debt forgiveness benefit, all of which all expire on Dec. 31, 2013. At least there’s one piece of good news for homeowners: If you have a home office, there’s a new, simpler option for calculating the home office deduction for which you may qualify on your 2013 taxes. Meanwhile, here’s what you need to know about those expiring benefits as you ready your taxes: PMI Deduction This tax rule lets you deduct the cost of private mortgage insurance, which is what you pay your lender each month if you put down less than 20% on a home. PMI protects the lender if you default on the home loan. Your deduction could amount to a couple hundred dollars depending on your tax bracket and other factors. Find out if you qualify for and how to take the PMI deduction. Energy-Efficiency Upgrades This sweet little tax credit lets you offset what you owe the IRS dollar-for-dollar for up to 10% of the amount you spent on certain home energy-efficiency upgrades, from insulation to water heaters. On the downside, the credit is capped at $500 (less in some cases). But on the bright side, the right improvement could lower your utility bills indefinitely. Related: Take back your energy bills with these high-ROI energy-efficiency practices. Debt Forgiveness When you go through a short sale, foreclosure, or deed-in-lieu, your lender typically lets you off the hook for some or all of what you owe on your mortgage. That forgiven mortgage debt is income, on which you’d typically have to pay income tax. Suppose you’re in financial distress and your lender agrees to let you short-sell your home, say for $50,000 less than you owe on the mortgage, and forgive you for the balance. Without the protection of the Mortgage Debt Forgiveness Act, you’ll owe income tax on that $50,000. It’s likely if you had the money to pay income tax on $50,000, you’d have used it to pay your mortgage in the first place. New Simplified Option for the Home Office Deduction This may be the last year for the benefits above, but a new one kicks in for the 2013 tax year. If you work from home, you may qualify to use a new, simplified option for claiming the home office deduction when you file your 2013 taxes. http://www.houselogic.com/blog/tax-deductions/tax-deductions-credits-for-homeowners-2013/?cid=eo_sm_fb_mxm-social#