The bad news: tax season is upon us. The good news? If you’re a home owner, there are tax benefits available to lessen the pain. Houselogic has put together a general list of tips about tax deductions for home owners, but they’ve also given specific tips to help your clients no matter where they are in the journey of home ownership:
7 Not To Be Missed Tax Deductions: From mortgage interest to property tax deductions, here are the general tax deductions your clients need to know about.
Mortgage-Related Deductions: If your clients took out a mortgage when they purchased a home, they may be able to deduct the prepaid interest on their federal tax return, but only if they meet a list of requirements.
Tax Advice if you Sold Your Home: The money spent on so-called capital improvement could also help lower your clients’ tax bills when it comes time to sell.
Tax Benefits if you Work From Home: Working from home? This tax guide shares deduction options that could save you time and money.
Tax Tips for Rental Properties: Renting out a home can be a lot of work, but you’ll appreciate collecting the rent checks and taking advantage of these tax deductions.
How Long do you Keep Tax Records Anyway? If you’re going to file a claim or take a deduction, it’s imporant to have the paperwork to back it up. This guide let’s you know what tax paperwork to keep and what paperwork to throw away.
Source: “A Homeowner’s Guide to Taxes,” Houselogic, (Feb. 9, 2015)
Reprinted from REALTOR® Magazine Online, February 2015, with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright February 2015. All rights reserved. http://realtormag.realtor.org