Important Tax Information For New Jersey Homeowners

The April 15 tax deadline is only a few days away and hopefully you are well on your way to completing your tax return and you won’t be one of those people in line at the post office late at night on April 14!

If you purchased a home in 2005, you will need the HUD-1 Statement from the closing on your new home, when calculating your taxes. This is the document itemizing the monies at closing. Your accountant or tax advisor will be able to tell you which of your closing costs are tax deductible.

The mortgage interest that is reflected on the HUD-1 is not calculated in the interest reflected on your year end statement that you will receive from your mortgage company. So, be sure to add the interest in the HUD-1 to other interest paid for the year.

If I can help with any other questions concerning the purchase of your home last year or if you are considering buying a home this year, give me a call, 732-548-5555 #314. I’m glad to help. Or visit my website, www.JackieSafran.com. You will find a wealth of information there.