IT'S ALMOST TAX TIME AGAIN

TAX TIPS FOR HOMEOWNERS

Let Your Real Estate Holdings Give You Leverage

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MORTGAGE INTEREST

You can deduct the interest you paid during the year.

 

CAPITAL IMPROVEMENTS

The cost of major improvements can be deducted from the taxable gain when you sell your home.

 

CAPITAL GAINS

If you sold your home last year, you can exempt the first $250,000 of profit ($500,000 for married taxpayers filing a joint return).

 

REPAIRS TO RENTAL PROPERTY

General repairs may qualify as deductions in the year they are paid for. Also be sure to keep track of major improvements as they are deductible when you sell or through depreciation.

 

MOVING EXPENSES:

If you moved because of change in your new Employer's location, or because you started a new job, you may be able to deduct some of your moving expenses.

 

POINTS

Points paid at the time of a purchase are fully deductible in that year. The points you pay when you refinance are deductible over the life of the loan, and any remaining unamortized points from the previous loan are able to be written off in that year.

 

*Please verify all information & questions with your tax preparer.