Nonitemizers can deduct property taxes for 2008 in addition to their standard deduction..The extra write-off is capped at 1,000 for marrieds and 500 for singles..break lapes after 2008

First - time home buyers get a tax credit up to 7500 for buyin a main home after 4-8-08 and before 7/1/09

to be eligible purchasers must not have owned a principal residence in the us in the previous 3 years.

credit phases out between 150,000 and 170,000 of AGI for married couples and 75-95,000 for single filers.  It is refundable to the extent it exceeds the buyer's regular tax liability, but does not offset the AMT.

Home buyers in 2009 can elect to take the credit on 2008 income tax returns.

(the Hooker)  BUT the credit is recaptured ratably over 15 years! without any interest starting 2 years after the year the credit is claimed.  Thus a first - time home buyer who claims a 7500 tax credit for a purchase in 08 must pay an extra 500.00  income tax in 2010 and in later years.  If the homeowner sells the residence before the credit is fully repaid the sell is taxed that year on the lesser of the gain from the sale (if sold to an unrelated party) or the unrecaptured balance of the credit.

Credits for low incom housing and fixing up old buildings are juicier; They now can offset the AMT

rule applies  to low income projects ahat are put in service after 07 and rehabilitation expenses incurred after 07

2005 hurricanes victims will get relief

Congress did restrict a break for turning a second home into a main home:

Any credit card issuers wil have to file 1099;s on payments to merchants starting with payments for 2011

Lots of info out there this might be the year to get an account lol

Taken for the Ki[linger Tax Letter...as always we are not accountants..and must refer to an accountant.