If you haven’t done your taxes yet, it’s not because you’ve been procrastinating. You were strategically waiting to make sure you leveraged maximum return value from your property by embracing this helpful list. Whether you already own a home or are planning on one in the future, these thrilling tax tips can mean money in your pocket.
#1 – Mortgage Interest Deductions: In most cases, the vast majority of mortgage payments for the first ten years are covering interest. What’s fantastic about interest payments? They’re tax deductible. If the conditions are right, you might just be able to jump down into that lower tax bracket.
#2 – Property Tax Deductions: Don’t forget that your property taxes likely qualify as deductions as well! These can be easily overlooked if your taxes and insurance are already included in your monthly mortgage payment.
#3 – Capital Gain Exclusions: Did you sell your house for a profit this year? It’s possible you could shelter $250,000 to $500,000 of profit as a capital gain exclusion. If you’d like to learn more, here’s a helpful article.
Friendly Disclaimer: This information is provided as a helpful starting point. If you require tax advice, please contact a tax attorney or CPA.
If you find yourself talking to a tax professional to help you accurately prepare your taxes to your best advantage, here are some other potentially lucrative topics to bring up:
Home Improvement Loan Interest Deduction
Private Mortgage Insurance (PMI) Deduction
Mortgage Points/Origination Deduction
Energy Efficiency Upgrades/Repairs Deduction
Real Estate Selling Cost Deduction
Home Office Deduction
Loan Forgiveness Deduction