2011 Tax Deductions for homeowners is an excellent opportunity to save some money.  To help you file an excellent tax return in 2011, here are 3 important points to consider.

But before that let me tell you that you can use a good Tax return software to make the process of filing returns very easy.

You don’t need to blame yourself if you cannot manage to prepare your income tax returns according to its standard operation.

• 2011 Interest for Mortgage – 2011 Mortgage Interest is also tax deductible. Taxpayers are eligible to use the loan secured by their first and second home as a deduction. Remember this, you are not allowed to fully use this deductions if either of this two happen - the fair market value of your home and the total mortgages are summing up to $1 Million ($500,000 for marriage couples filing separately); or your home loans summing up more than $100,000 ($50,000 for married couples filing separately). This mortgage interest can help your 2011 income tax returns because it has the biggest deduction that most homeowner taxpayers didn’t know.

• 2011 Mortgage Discount Points – Writing off all discount points from re-financing of your home mortgages can include as your 2011 homeowner tax deductions. You can take a breath without worrying of early payment because this point was proportionally deducted depending on your homeowner loans life span. If you have a loan with 30 years term; you can deduct 1/30th of your points each year. In the event you forgot to write off the points you gain from your previous home refinancing you can just write off those points for the year you make refinance.

Remember, such important factors related to tax deductions are already taken care of in my recommended Tax return software.

• Tax Deductions for Sale of Home Capital Gains in 2011 – For those unmarried homeowners they can avoid paying $250,000 for taxes as long as they live to their house for two of the last five years. For married couples who sell their home and file jointly they can gain $500,000 without paying any taxes.

I am sure you are realizing that there are huge tax benefits you can claim.

Now, like I mentioned above, you can use a good tax return software that already covers all these points and much more. Using such tax return sofwtare can help you file return with ease and can reduce your tax liability as well as can help you increase tax refund from IRS. 

Click on this link for my recommended Tax Return software for 2011 Tax Deductions for homeowners.