The Erie Group of Companies is a road materials and paving construction conglomerate.  We have been in business for over 40 years and do large ODOT, county and municipal road and commercial site work projects.

Jim Sprague was recommended to us.  He immediately offered significant and meaningful guidance, which included a tax refund to the tune of nearly a half million dollars!

Dean Wikel, Chairman and CEO, Erie Group of Companies

Homeownership

First-Time Homebuyer Credit

If you entered Into a binding contract to purchase a principal residence in the U.S. by April 30, 2010, and closed by Sept, 30, 2010, you may be eligible to claim a refundable First-Time Homebuyer Credit if you qualify as a first-time homebuyer or longtime resident. Also, you must occupy the home as your principal residence within 24 months of the purchase.
For first-time homebuyers, the credit is $8,000 ($4,000 if married filing separately), or if lower, 10% of your new home's purchase price. If you are a longtime resident, the credit is $6,250 ($3,250 if married filing separately), or 10% of the purchase price if lower, This
credit is available subject to income qualification rules, is refundable and expired in 2010.

Mortgage Interest

Home mortgage interest on up to $1 million ($500,000 if married filing separately) of home acquisition loans secured by your principal residence and/or second home is fully deductible.
You can use the loan proceeds to buy, build or significantly renovate your home.

Also, mortgage interest on a home equity loan or line of credit up to $100,000 ($50,000 if married filing separately) can be deducted. Therefore, interest can be deducted on total home debt of up to $1.1 million ($550,000 if married filing separately).

Mortgage Debt Forgiveness

If you still have mortgage liability after your home is foreclosed, any amount forgiven by the lender is generally ordinary income. However, for debt discharged on or after Jan. 1, 2007, and before Jan. 1, 2013. the debt forgiveness is treated as tax-free if the property is your primary residence. The limit on qualifying debt is $2 million ($1 million if married filing separately).

Tax Exclusion of the Sale of a Principal Residence

When you sell your principal residence, you can exclude from income up to $250,000 in gains ($500,000 if married filing jointly or a surviving spouse if the sale is within two years of spouse's death).

To qualify, you must have owned and used the home as your principal residence for at least two years during the five-year period ending on the date of sale. The exclusion is available even if you took temporary absences (including vacations) and rented out the home while
not living there.

Keep in mind that if you took a First-Time Homebuyer Credit, you may have to recapture some or all of the credit, and, if you used your residence as a home office, you may have other adjustments to make.