Monday, April 18th is Tax Day - the final day to file your 2022 taxes. If you’ve waited until the last minute or plan to file an extension, don’t forget that owning a home may provide some housing-related benefits. Keep these 4 tips in mind before you hit send. 1. Home interest deductions: Check your statement from your lender with detailed interest deductions. You can include these in your filing or give them to your tax accountant. Remember that interest payments are highest at the start of a loan. So if your loan is older, the amount will be a little smaller. 2. Property tax deductions: You'll likely find you can deduct up to $10,000 on a combination of state and local property, income and sales taxes. This applies to property taxes on your primary residence. Call up the county for your property tax deductions if you don't have them, but don’t miss out on this one. 3. Capital gains tax exclusions: If you sold your primary home, you'll likely find you are good on capital gains. If you are a single filer that made over $250,000 or a married-joint filer that made over $500,000, though, check your eligibility. 4. Home office: The simplified home office deduction is easy to use for dedicated home office space. Check IRS website for more information and claim your hard earned deduction for working from home. Always consult a tax advisor how these and other tax deductions may apply to you. If you have any real estate-related questions, let’s connect.
Never want to miss a post? For more useful real estate tips & tricks, subscribe to my mailing list or contact me with any real estate questions. Kat Medaries, REALTOR® Long & Foster Real Estate, Village of Midlothian Sales Licensed to sell in the Commonwealth of VA / Equal Housing Opportunity For informational purposes only. Not intended as legal, financial or credit counseling advice. Seek the assistance of a professional should you require.
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