As consumers across the country prepare their 2008 tax returns, Real Estate Today is preparing to deliver crucial tax information that may affect the bottom lines of all homeowners, buyers and sellers.

Congress has passed new tax laws that will help many people who may be struggling in these challenging times, said National Association of Realtors® President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. As the leading advocate for housing issues, NAR wants to make sure that homeowners, buyers and sellers can make full use of the tax advantages available to them.

On this weekend’s show, Amy McANARney, executive director of the Tax Institute at H&R Block, and Kevin McCormally, editorial director at Kiplinger’s, will join Real Estate Today host Gil Gross to address and answer listeners’ questions and concerns about tax issues related to buying, selling and owning a home in today’s economic environment.

Some of the issues they will cover include:

• How declining home values are affecting local property taxes, and what it all means for federal returns,
• What energy efficient home improvements can reduce homeowners’ tax bills,
• Who can take advantage of the temporary $8,000 first-time home buyer tax credit and how it will affect buyers’ tax returns, and
• How proposed changes to the mortgage interest deduction may affect homeowners, buyers and sellers at all income levels.

Source: NAR