ROTH CPA & ASSOCIATES, LLC

10751 Montgomery Road

Cincinnati, OH 45242

513-530-9000

¨ Interest and Property Taxes

           Home mortgage interest on up to $1 million of home acquisition            loans secured by your principal residence and/or second home is            fully deductible. You also may deduct mortgage interest on a            home equity loan or line of credit (up to $100,000). Points paid to            secure a loan for the purchase or improvement of a principal            residence usually are fully deductible in the year you pay them.            Points paid to refinance an existing mortgage must be deducted            over the life of the loan. Real estate taxes and state and local            property taxes on all of your real estate are deductible.

¨ Exclude Capital Gains

           When you sell your principal residence, you can exclude from            income up to $250,000 in gains ($500,000 if married and filing            jointly). To qualify, you must have owned and used your home as            a principal residence for at least two years during the five-year            period ending on the date of sale. The full tax break is available            once every two years.

©2008, American Institute of Certified Public Accountants

Tax Breaks for Homeowners