2010 Taxes – Items of Note

I’ll be kicking this post to the top rather frequently as I find tax links that matter, especially as they have to do with real estate.

Charitable Donations. There are some changes in charitable donations that might affect people who are paring down their belongings in preparation for move. Consumer Reports Money has begun a multi-part series looking at the new tax rules – it’s worth a look. Short version – get receipts for everything.

As I noted in a previous post, there are some other changes:

  1. If you don’t itemize, you will not be able to take the any real estate tax deductions;
  2. A “phase-out” rule for those who DO itemize deductions has been completely repealed for 2010 (and 2011 and 2012);
  3. For people who bought a home in 2008 (and a few in 2009), this is the year they must start paying the government back for their homebuyer tax credit
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