Tax experts told 10TV's Jeff Hogan that there are three things to consider as you begin filing your 2009 taxes.
New home-owner Michael Valo will have to consider his first time home buyers' credit. Valo used the $7,500 incentive to buy his home in 2008.
"As a first time home buyer there are a lot of new expenses that I'm just not used to in owning a home and taking care of a home and so this certainly helps," Valo said.
Homeowners who received the tax credit will have to pay it back over time, Hogan reported.
Another thing to remember when filing your taxes is mortgage debt cancellation. If you were in danger of foreclosure, banks can negotiate smaller payments. If those payments are not taxed, however, CPA Darci Congrove said you could have a problem.
"Historically the challenge has been that if you were able to negotiate your debt down, you then had a tax problem," Congrove said.
Now, the government will not treat the difference as income earned, so they won't tax it.
The third thing experts told 10TV to watch for was the new rules for Roth IRA's. The $100,000 income limit has been lifted. You can roll over your full balance of your traditional IRA into a Roth.
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