Slide background
Slide background
Slide background
Slide background
Slide background
Slide background
Slide background

7 Tax Tips for Homeowners!

March 12th, 2013 Written By Carol Pawley

Whether you are a first-time buyer, long-time homeowner who refinanced or a seller, there are a multitude of important tax deductions available.

Here are 7 important tax tips for homeowners:

Mortgage interest is your best friend. Taxpayers collectively get roughly $100 billion annually in mortgage interest breaks. If you bought a home or refinanced in the last few years, the savings are even more significant, as more than half your monthly payment goes toward interest.

Mortgage insurance is still deductible.
There were fears that the deduction for personal mortgage insurance would fall victim to fiscal fights in Washington. However, Congress left it in place. That’s a huge boon to lower-income homeowners who often can’t afford a big down payment and must pay private mortgage insurance until they have at least 20 percent equity in their homes.

Taxes are tax deductible. It sounds odd and is frequently overlooked, but homeowners can deduct their local and state property taxes on federal tax returns. There also may be special property tax benefits for lower-income homeowners based on your state or municipality of residence, so look into further breaks specific to your community.

Qualified renovations count. Fixing a leaky faucet or putting crown molding in the living room is not tax deductible. But there are a number of items in the tax code that allow for tax breaks and credits. A host of items covered under residential energy efficiency can provide tax relief, including new solar panels or certain water heaters. There are also deductions available for home office improvements, as well as for medically necessary changes, such as an entry ramp or a handicap-accessible bathtub.

Unqualified renovations can count later. While that addition might not be “necessary,” the expense could be an important part of reducing your tax burden when you sell. This is especially noteworthy in hot real estate markets or for homeowners sitting on big property appreciation. The IRS allows you only $250,000 of tax-free profit when you sell a primary residence, but you can deduct any renovations that boosted your home’s value from any total profit to get under that threshold. Find those receipts if you’re sitting on a big profit and planning to sell.

Claim selling costs. If you sold a home in the past year, costs including title insurance, advertising and real estate broker fees can be claimed. You can claim certain repairs to reduce capital gains on the sale, presuming they were made within 90 days of sale and clearly for the intent of marketing the property.

Don’t forget moving expenses. If you bought a home in 2012, there’s a chance you did so because of a job-related move. If this is the case, you may be able to deduct some expenses, provided you have the receipts. You must have moved 50 miles or more, and the reasons for your move can’t be personal.

*Copyright USA TODAY 2013; Jeff Reeves is the editor of InvestorPlace.com and the author of The Frugal Investor’s Guide to Finding Great Stocks*
 
Throughout the years I have helped many friends and clients purchase or sell property throughout Miami & the surrounding area.  If you are interested in purchasing or selling a home, please contact me as I can give some first-hand sound advice with no pressure.  Please send me an email at carolapawley@gmail.com or call me at 305-992-6188.
 
Click Here to Get Miami Real Estate and Beyond by Carol Pawley delivered by email
 

Great to have you on my site! Seeking to sell or buy property in Coconut Grove, Coral Gables, or anywhere in Miami? I can assist you. Real estate is my area of expertise and Miami-Dade the place I grew up. I know the communities, the schools, the culture, and the business of real estate. I’ve consistently ranked in the top 1% of my field, locally and nationally. I’d love to have the opportunity to introduce myself and discuss your real estate needs. Let’s connect: PH 305-992-6188,EMAIL: carolapawley@gmail.com

  1. lace wigs,bob wigs

    i really like my lace wigs,bob wigs https://www.youtube.com/watch?v=ovU7TuvxKA8! HOWEVER .. i should really have trusted the reviews i read — I will persevere obtain as i really like them — . they look wonderful! ha ha ha.

  2. Maglia Roma EPoco Prezzo

    Many thanks, this site is extremely practical.

  3. Juventus Trøjer

    You’re an extremely useful site; could not make it without ya!

  4. Manchester City Tröjor

    Keep up the awesome work !! Lovin’ it!

  5. Napoli Drakt

    Thank you so much for sharing your excellent webpage.

  6. Maglia PSG Poco Prezzo

    I enjoy looking at your websites. Many thanks!

  7. Napoli Trøjer

    I treasure the content on your web site. thnx.

  8. Manchester United Tröjor

    Great looking website. Assume you did a whole lot of your own coding.

  9. Napoli Drakt

    Many thanks very helpful. Will share website with my buddies.

  10. fotbollströjor barn

    Your stuff is incredibly important.

  11. fotballdrakter barn

    Rather enlightening….looking ahead to coming back again.

  12. maglie calcio a poco prezzo

    Astonishingly individual pleasant site. Immense details available on couple of clicks.

  13. fodboldtrøjer børn

    Simply just had to say I’m just lucky that i stumbled on your webpage!|

  14. billiga fotbollströjor

    Keep up the incredible work !! Lovin’ it!

  15. Maglie Calcio a poco prezzo

    I value the content on your web sites. thnx!

  16. maglie calcio bambino

    You have great information in this case.

  17. Magliette Calcio Poco Prezzo

    Maintain the excellent work and bringing in the crowd!

  18. maglie calcio

    I delight in the info on your web site. Much thanks!

  19. Billige fiorentina fodboldtrøjer

    Hello I am so delighted I found your blog page, I really found you by accident, while I was researching on Google for something else, Anyhow I am here now and would just like to say thanks a lot for a tremendous post and a all round thrilling blog (I also love
    the theme/design), I don’t have time to look over it all at the minute but I have saved it and also added your RSS feeds, so when I have time I will be back to read more, Please do keep up the superb work.

    Billige fiorentina fodboldtrøjer

  20. Lazio tröja

    It’s amazing to pay a visit this site and reading the views of all friends on the topic of this piece of writing, while I am also zealous of getting experience.

    Lazio tröja

  21. magliette Napoli

    If some one desires to be updated with hottest technologies afterward he must
    be go to see this site and be up to date all the time.

    magliette Napoli

  22. Juventus Ny drakt

    Excellent, what a weblog it is! This web site gives helpful information to us, keep it up.

    Juventus Ny drakt

  23. psg Fodboldtrøje

    I’m truly enjoying the design and layout of your blog.
    It’s a very easy on the eyes which makes it much more enjoyable for me to come here
    and visit more often. Did you hire out a developer to create your theme?
    Fantastic work!

    psg Fodboldtrøje

  24. Everton tröja

    Howdy! Do you know if they make any plugins to assist with SEO?
    I’m trying to get my blog to rank for some targeted
    keywords but I’m not seeing very good results.
    If you know of any please share. Many thanks!

    Everton tröja

  25. Chelsea tröja

    That is really interesting, You’re a very professional blogger.
    I have joined your feed and sit up for searching for extra of your fantastic post.
    Also, I’ve shared your website in my social networks

    Chelsea tröja

  26. barcelona drakt med trykk

    I was excited to uncover this great site. I wanted to thank you for your time due to this
    fantastic read!! I definitely liked every bit
    of it and i also have you book marked to check out new information in your web site.

    barcelona drakt med trykk

  27. Roma maglia

    Hello just wanted to give you a quick heads up.
    The text in your post seem to be running off the screen in Firefox.
    I’m not sure if this is a formatting issue or something to do with
    browser compatibility but I figured I’d post to let you know.

    The style and design look great though! Hope you get the problem solved
    soon. Thanks

    Roma maglia

  28. images of vintage high heel sandale ferragamo shoes with wavey bottom

    Hello, I want to subscribe for this website to get hottest updates, so where can i do it please help.

  29. fußballtrikots

    Thanks meant for furnishing these very good content.

Leave a Reply

  • Logo
  • Logo
  • Logo
  • Logo
  • Logo
  • Logo