Tips and Tricks for Real Estate Taxes Before 2014

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The clock is rapidly ticking away on 2013, but that doesn’t mean that you should skip out on some important ways to pay less come April 15, 2014, if you take care of them before January 1. The week between Christmas and New Year’s is still a perfect time to take advantage of some great ways to save, so don’t let them pass you by!

  • Increase your mortgage interest deduction – If you make your January 2014

    mortgage payment in December, Uncle Sam will count the interest you pay toward your 2013 taxes, thereby increasing your 2013 deduction. You can do this every year to avoid reducing the amount of the next year’s deduction. Just be sure there isn’t a prepayment penalty, or you might be setting yourself up to pay more.

  • Remember tax energy credits – Hurry up and install any energy efficient windows, water heaters, air conditioners, heat pumps and insulation before December 31. On that date, the legislation that gives homeowners a federal tax credit expires. Also remember that there are some in-city and in-state benefits for energy-efficient upgrades, too, and you can take advantage of multiple credits.
  • Deduct points if you can – if you are closing before the end of the year on a new home in Charlotte, you can pay points in that are deductible, though they are amortized over the life of the loan.

The full article, “

Five Real Estate Tax Tips You Should Know Before 2014” has much more information. For more personal finance advice about real estate, credit scores and more, see the Equifax Finance Blog!

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