Tips for Homeowners Filing Virginia and Federal Income Tax Returns

Are you missing homeowner tax deductions?

Yes, it’s tax time again.   Do you despise paying taxes more than I do?  I doubt it!  

Last month I finished the business taxes (Jachin, Inc. :  I feel strongly that real estate agents should incorporate for a variety of reasons.  If you are a REALTOR and are not incorporated, let’s talk!) and have started on the personal return.  I work closely with my accountant on tax planning for the upcoming years and preparing the tax returns.  I have found having a great accountant (CPA in my case) can more than save what you pay and in the hassle of keeping up with IRSchanges.  After all, I feel strongly those buying and selling real estate should use a real estate professional who brings value and expertise to the transaction so why not use a tax professional to assist with your tax planning and preparation?   I don’t give tax advice but will point out several interesting article which may interest you.  For some of the potentially more complex real estate transactions (tax differed exchanges, short sales, foreclosures, strategic defaults, investment properties, Virginia land sales with roll back taxes,  land sales with timber, etc.) having an accountant in addition to an attorney on our team from the start  proves beneficial to my clients pocketbook and stress level! 

 Here are some interesting tips you may want to check out (found on the National Association of REALTORS web site):  Homeowner Schedule A Deduction Traps; Ten Errors Not to Make; Look to the Future & 2011 Energy Tax Credits; Homeowner 2010 Return Tips;  and 2010 Energy Tax Filing Tips.

For Virginia Home Owners you may want to subscribe to the Virginia Association of REALTORS e-mail updates through the Virginia Homeowner’s Alliance.  You’ll get e-mail on real estate issues affecting your area of the Commonwealth in addition to Statewide issues (alerts on legislation affecting you in the General Assembly, how to challenge your tax assessment, etc).  As your advocate for private property rights and real estate issues we’ve developed the Virginia Homeowners Alliance to keep you, the property owners, informed. 

As always, the only bad question remains the one you do not ask.  If you have a real estate questions or know someone who does, I am here to help, so let’s talk!

About James Friend Dickerson

Real Estate Consultant As a native of Central Virginia and a full time REALTOR since 1991, James listens to your needs to provide information allowing you to make informed choices. In our constantly changing world, you need a REALTOR who puts you first providing rigidly flexible service. James Dickerson provides a high level of service designed to fit each individual clients needs. Having received many awards from both the local Association of REALTORS and RE/MAX International, James is recognized as an authority on the local real estate market. The highest form of recognition James receives continues to be the many repeat clients who seek out his services time after time plus sending their relatives, friends, co-workers and neighbors to James for their real estate needs. Contact James today for an interview to discuss your real estate needs. James is a licensed real estate sales person in the Commonwealth of Virginia with Charlottesville Solutions. Personal As a Central Virginia native (Born in Charlottesville and raised in Albemarle and Louisa Counties), James' youth was filled with extra-curricular activities and organizations centered around school, church and the Boy Scouts of America. A graduate of Virginia Tech with a degree in Forestry and Wildlife Management, James' non-real estate activities include spending time with family & friends, traveling, stalking deer & spring gobblers, fly fishing, church and Masonic activities. James and his lovely bride Karen live between Zion Crossroads and Gordonsville in the Green Springs area of Louisa County. Their dog Sammy passed away so they'll be adopting another dog soon through www.petfinders.com.
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