Exactly 2 months until tax day.  Don't wait until the last minute to scramble to find what your deductions may be. As a homeowner you may be able to deduct many home-related expenses. Use these tips to maximize your potential deductions.

Capital Gains with No Income Taxes - Once every two years, single homeowners can realize a tax-exempt profit of up to $250,000 or married homeowners who file jointly on their tax returns do not have to pay taxes on up to $500,000 of gains when they sell their primary residence. The seller must have owned and occupied the home as a principal residence during any two of the last five years.

Federal Tax Credits for Consumer Energy Efficiency - If you purchase an energy-efficient product or renewable energy system for your home, you may be eligible for a federal tax credit. This credit equals 30 percent of what a homeowner spends on eligible energy-saving improvements, up to a maximum tax credit of $1,500 for the combined 2009 and 2010 tax years. By spending as little as $5,000 before the end of the year on eligible energy-saving improvements, a homeowner can save as much as $1,500 on his or her 2009 federal income tax return. Due to limits based on tax liability, other credits claimed by a particular taxpayer and other factors, actual tax savings will vary. These tax savings are on top of any energy savings that may result.  Visit the IRS website for more information and specifics.

First-time home buyer credit - An $8000 tax credit is available to eligible taxpayers that have bought, are buying, or have entered into a binding contract to Buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. You are considered a first-time home buyer as long as you did not own a home during the three years leading up to the purchase of your new home. Let The Evelo help you in buying your first home!

Moving expenses - If a move is connected with taking a new job that is at least 50 miles farther from your old home than your old job was, you can deduct travel and lodging expenses for you and your family and the cost of moving your household goods.

Deducting Real Estate Taxes - Real Estate taxes are deductible in the year paid. They are generally reported on Form 1098, Mortgage Interest Statement, the annual statement from the financial institution holding your mortgage, or on your county real estate tax assessment statement. You should also deduct any prorated taxes collected from you at closing. These amounts are not always included on Form 1098, but may be itemized on your real estate
closing statement.

You should always consult a professional tax advisor for details on which deductions apply to you.

Contact The Evelo Team for your home buying/selling needs at 317-863-4663 or by email at Team@EveloTeam.com.