Jack Potts Best West Realty Ltd. 700 Tranquille Rd. PO Box: # 70 Kamloops, BC, V2B 8R3
Office: 250-554-4511 Cell: 250-571-8838 Fax: 250-377-4173
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how to save on taxes |
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How do I save on taxes?
Here are some ways to save money on taxes:
* Mortgage interest on loans up to $1 million is completely deductible for the year in which you pay it to buy, build or improve your principal residence plus a second home.
* Points, or loan origination fees, also are deductible no matter who pays them, the buyer or the seller.
* Most homeowners, except the wealthy and those living in high-priced markets, no longer need to worry about capital gains taxes. The exemption has been raised to $500,000 for married couples and $250,000 for single owners. It can be taken every two years. Homeowners should always keep all receipts of permanent home improvements and of mortgage closing costs. If you do have to pay capital gains taxes, these costs can be added to your adjusted cost basis. Consult your tax adviser for more information.
Resources:
* "Tax Information for First-Time Homeowners," IRS Publication 530, and "Selling Your Home," IRS Publication 523. Call (800) TAX-FORM to order.
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Kamloops News
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Kamloops News
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Local news for Kamloops, BC continually updated from thousands of sources on the web. |
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Canada's Pendrel finishes fourth at mountain bike world cup event
World champion Catharine Pendrel is already looking ahead after what she called the worst performance of her year.Pendrel, from Kamloops, B.C., finished fourth Sunday in the fourth round of the mountain bike World Cup.Pendrel was one minute 12 seconds behind winner Gunn-Rita Dahle Flesjaa of Norway.
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Photos: Best of 2012 Cloverdale Rodeo
B.C. tech sector companies ranked by number of employees in B.C. in 2012. Source: Business in Vancouver magazine.
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Sadok jumps for Ukrainian culture
Sadok Ukrainian Dance Ensemble members Aria Fedoruk, Baya Inzunza, Jorja Catt and Paige Fedoruk watch dancers on stage at the the recent Ukraine Fundraising Banquet in Salmon Arm.
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