Tax Relief For Homeowners
- Mortgage Cancellation Relief — It has been extended for another year. In 2013, San Diego and American households that have mortgage debit forgiven by a lender as a result of a loan modification, short sale or a foreclosure will not have to pay tax on the amount forgiven.
- Mortgage Insurance Premiums — Many San Diego homes were purchased with less than 20% down payment and to do so, the borrower agreed to a loan with mortgage insurance. The good news for these San Diego buyers is that MIP will remain deductible. San Diego tax filers making less than $110,000 who pay for mortgage insurance can deduct the cost of their premiums on their 2012 and 2013 tax returns.
- Energy Efficiency Tax Credit — The 10 percent tax credit, up to $500, for San Diego home owners who make energy efficiency improvements to an existing San Diego home is extended through 2013 and made retroactive to cover 2012.