How You File Matters!
Part 2 of the Home Tax Series
There are several potential deductions that you may qualify for when filing your 2023 taxes: Mortgage Interest, Home Equity or HELOC Interest, Property Taxes, Tenant Rental Expenses, and Home Office Expenses!
Existing Homeowners…
Here are the Top 3 Reasons why the home you own today continues to help you win!
01. Your Mortgage Interest Deduction
Homeowners can benefit from deducting mortgage interest payments on their federal income tax returns. This deduction can significantly reduce taxable income, providing financial relief and making homeownership more affordable.
02. Your Property Tax Deduction
Homeowners pay property taxes, and the amount paid is usually deductible on federal income tax returns. This deduction helps offset the ongoing cost of property ownership, contributing to potential tax savings.
And for my 2024 sellers:
03. You May Qualify for a Capital Gains Exclusion
When selling a primary residence, homeowners may qualify for a portion of the profit from the sale (up to a certain limit) excluded from your capital gains tax. This can be a substantial benefit for those who have seen appreciation in the value of their homes over time.
Hey, Investors!
Real estate investors can qualify for tax write-offs, pass-through deductions, incentive programs and other tax benefits. Consider interviewing a CPA, Financial Advisor and/or Certified Financial Planner for added expertise.
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Source: irs.gov
Disclaimer: The information provided in this publication does not, and is not intended to, constitute legal or tax advice; instead, all information, content, and materials available on this site are for general informational purposes only. Please consult with your tax professional for more details.