New Real Estate Tax Deduction

Clovey, Robert; Russell, Richard L.
March 2009
CPA Journal;Mar2009, Vol. 79 Issue 3, p60
Academic Journal
The article discusses the effect of a new loan/refundable credit for first-time home buyers in the U.S. after the passage of the Housing Assistance Tax Act (HATA) by the Congress on June 30, 2008. Individuals must buy a primary residence after April 9, 2008 but before July 1, 2009 in order to be eligible for such credit. A new additional standard deduction is offered by HATA for state and local property taxes paid. The check-offs for such deductions intended for taxpayers more than 65 years old or blind are placed on line 39(a) on the 2008 Form 1040.


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