PARSIPPANY, N.J., March 6, 2012 // PRNewswire // -- Homeownership is a big a part of the American Dream. When that dream becomes a reality, there are many great tax breaks that can come along with it. This tax season, Jackson Hewitt Tax Service®is reminding home-owning taxpayers to not overlook the many credits and deductions that can add thousands of dollars to their refund amounts.
"There are a wide variety of tax breaks available to existing homeowners and first-time homebuyers," says Mark Steber, chief tax officer, Jackson Hewitt Tax Service, Inc. "Speaking with a local, knowledgeable tax preparer can help ensure taxpayers take advantage of all the home ownership-related credits and deductions for which they are eligible."
For homeowners, Steber notes that there are several tax breaks available covering home-related areas, such as:
For those who find themselves in the unfortunate position of a foreclosure or short sale on their home, there are tax breaks available as well. Foreclosures and short sales are treated as both a home sale and a canceled debt. When the house is a taxpayer's primary residence, and they have lived in and owned the home for two of the last five years, any gain up to $500,000 on the disposition is tax-exempt. In addition, the canceled debt (mortgage still owed) is excluded from taxable income, as long as it is less than $2 million and is for the taxpayer's principal residence.
To learn more about home ownership-related tax benefits, please visit www.jacksonhewitt.com or call 1-800-234-1040 to find a local Jackson Hewitt office.
Based in Parsippany, NJ, Jackson Hewitt Tax Service Inc. is an industry-leading provider of full service individual federal and state income tax preparation, with nearly 6,500 franchised and company-owned locations throughout the United States, including 2,800 located in Walmart stores nationwide. Jackson Hewitt Tax Service® also offers an online tax preparation product at www.jacksonhewittonline.com. For more information, or to locate your neighborhood Jackson Hewitt® office, visit www.jacksonhewitt.com or call 1-800-234-1040. Jackson Hewitt can also be found on Facebook and Twitter.
David G. Weselcouch
Jackson Hewitt Tax Service Inc.
CooperKatz & Company
SOURCE Jackson Hewitt Tax Service Inc.