{"id":70886,"date":"2013-03-12T11:07:40","date_gmt":"2013-03-12T11:07:40","guid":{"rendered":"http:\/\/miamirealestateandbeyond.com\/2013\/03\/12\/7-tax-tips-for-homeowners\/"},"modified":"2019-04-23T20:49:14","modified_gmt":"2019-04-23T20:49:14","slug":"7-tax-tips-for-homeowners","status":"publish","type":"post","link":"https:\/\/ewmrealestate.com\/blog\/7-tax-tips-for-homeowners\/","title":{"rendered":"7 Tax Tips for Homeowners!"},"content":{"rendered":"<p style=\"text-align: center;\"><img loading=\"lazy\" class=\"aligncenter size-full wp-image-4173\" title=\"tax-deductions\" src=\"http:\/\/miamirealestateandbeyond.com\/files\/2013\/03\/tax-deductions.jpg\" alt=\"\" width=\"420\" height=\"245\" \/><\/p>\n<p style=\"text-align: center;\"><span style=\"color: #000000;\">Whether you are a first-time buyer, long-time homeowner who refinanced or a seller, there are a multitude of important tax deductions available.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"color: #000000;\">Here are 7 important tax tips for homeowners:<\/span><\/p>\n<p style=\"text-align: center;\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><strong>\u2022 <span style=\"text-decoration: underline;\">Mortgage interest is your best friend<\/span>.<\/strong> 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.<\/span><br \/>\n<span style=\"color: #000000;\"><strong><br \/>\n\u2022 <span style=\"text-decoration: underline;\">Mortgage insurance is still deductible<\/span>.<\/strong> 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\u2019s a huge boon to lower-income homeowners who often can\u2019t afford a big down payment and must pay private mortgage insurance until they have at least 20 percent equity in their homes.<\/span><\/p>\n<p><span style=\"color: #000000;\"><strong>\u2022 <span style=\"text-decoration: underline;\">Taxes are tax deductible<\/span>.<\/strong> 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.<\/span><\/p>\n<p><span style=\"color: #000000;\"><strong>\u2022 <span style=\"text-decoration: underline;\">Qualified renovations count<\/span>.<\/strong> 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.<\/span><\/p>\n<p><span style=\"color: #000000;\"><strong>\u2022 <span style=\"text-decoration: underline;\">Unqualified renovations can count later<\/span>.<\/strong> While that addition might not be \u201cnecessary,\u201d 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\u2019s value from any total profit to get under that threshold. Find those receipts if you\u2019re sitting on a big profit and planning to sell.<\/span><\/p>\n<p><span style=\"color: #000000;\"><strong>\u2022 <span style=\"text-decoration: underline;\">Claim selling costs<\/span>.<\/strong> 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.<\/span><\/p>\n<p><span style=\"color: #000000;\"><strong>\u2022 <span style=\"text-decoration: underline;\">Don\u2019t forget moving expenses<\/span>.<\/strong> If you bought a home in 2012, there\u2019s 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\u2019t be personal.<\/span><\/p>\n<p style=\"text-align: left;\">\n<address style=\"text-align: left;\">*Copyright USA TODAY 2013; Jeff Reeves is the editor of <a title=\"Investor Place\" href=\"investorplace.com\">InvestorPlace.com<\/a> and the author of The Frugal Investor\u2019s Guide to Finding Great Stocks*<\/address>\n<address style=\"text-align: left;\">\u00a0<\/address>\n<address><strong>Throughout the years I have helped many friends and clients purchase or sell property throughout Miami &amp; the surrounding area<em>.\u00a0 If you are interested in purchasing or selling a home, please <a title=\"contact\" href=\"http:\/\/miamirealestateandbeyond.com\/contact\/\" target=\"_blank\" rel=\"noopener noreferrer\">contact<\/a> me as I can give some first-hand sound advice with no pressure.\u00a0\u00a0Please send\u00a0me an email at <a href=\"mailto:carolapawley@gmail.com\">carolapawley@gmail.com<\/a>\u00a0or call me at 305-992-6188.<\/em><\/strong><\/address>\n<address>\u00a0<\/address>\n<address><strong><a href=\"http:\/\/feedburner.google.com\/fb\/a\/mailverify?uri=MiamiRealEstateAndBeyond\" target=\"_blank\" rel=\"noopener noreferrer\">Click Here to Get Miami Real Estate and Beyond by Carol Pawley delivered by email<\/a><\/strong><\/address>\n<address style=\"text-align: left;\">\u00a0<\/address>\n","protected":false},"excerpt":{"rendered":"<p>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: \u2022 Mortgage interest is your best friend. Taxpayers collectively get roughly $100 billion annually in mortgage interest breaks. If you bought a home or refinanced<\/p>\n<p class=\"more-link\"><a href=\"https:\/\/ewmrealestate.com\/blog\/7-tax-tips-for-homeowners\/\" class=\"themebutton2\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":130092,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_expiration-date-status":"","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"categories":[11767],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>7 Tax Tips for Homeowners! - BHHS EWM Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ewmrealestate.com\/blog\/7-tax-tips-for-homeowners\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"7 Tax Tips for Homeowners! - BHHS EWM Realty\" \/>\n<meta property=\"og:description\" content=\"Whether you are a first-time buyer, long-time homeowner who refinanced or a seller, there are a multitude of important tax deductions available. 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