Tax Breaks for Homeowners

According to Mark Steber, Jackson Hewitt Tax Service, there are some tax deductions you may not be aware of so check these out as the tax deadline draws near.

Mortgage Interest-Paid on Form 1098, interest for a primary or secondary home are tax deductible. Points are also deductible even if the Seller helped pay them .

Home Purchase-Most fees involved are not tax deductible,however certain closing costs can be added to the cost basis of the house.

Property Taxes- All real estate taxes may be deducted for the year paid-as long as they were paid by the taxpayer.

Energy Credits-For 2011, the credit for energy saving improvements is 10%  of the cost-up to a lifetime total of $500.

Home Improvements-These are not usually tax deductible, however you can add the cost of the improvement to the cost basis of the home . It may help keep any gain below the $250,000 ($500,000 if filing jointly) exclusion amount when you sell.

There are tax breaks for short sales and bank foreclosures, so if you have experienced any of these, make sure you consult a tax professional.

Local News

* TOURIST REVENUE 

Tourist tax revenue for Charlotte County was the highest it has been since 2004. Hotel room occupancy and rates are also up from last year. 

*MAIN STAGE DEVELOPMENT

Main Stage Development is going to make a presentation to Charlotte County Commissioners  about their plans to create an arts and entertainment center in Murdock Village. The plan has been lying dormant, but renewed interest has the county listening to their proposal so they can issue a public notice. Main Stage will then have 18 months to find investors to fund the project.

The cost is estimated to be about $200 million with 1/3 of the funding being paid in 6, 12 and 18 month increments. The location would be 100 acres on the south end of Murdock Village.

*NEW LOCAL RESTAURANTS

John Ski's House of Breakfast and Lunch recently opened right next to John Lloyds Barbecue Restaurant. These restaurants are nothing fancy, but offer

good food  so try them out! They are located across the street from Sacred Heart Church in Punta Gorda.

*SEGWAYS2U

A Michigan couple has opened a new Segway business that not only offers Segways for rent, but also guided tours of historical spots in downtown Punta

Gorda. The owners provide lessons and the Segways can be rented for an hour or 1/2 day. For more information call 855-873-4929-the shop is located at 207 Cross St.