4822 Slope Dr is a FANTASTIC find in Amarillo Real Estate.
This is a must see in Pleasant Valley that sits on 1 acre and has an INCREDIBLE attached shop/work area.
4822 Slope Dr is a FANTASTIC find in Amarillo Real Estate.This is a must see in Pleasant Valley that sits on 1 acre and has an INCREDIBLE attached shop/work area.
0 Comments
It's that fun time of the year where we all get to file our income tax returns. It's no secret that we all have to pay our taxes but what some times does seem like a secret is the fact that as a homeowner you have some great tax deductions available to you. Leaving you with more money for the next home improvement project you've been talking about or even that upcoming vacation! Home Improvement Tax Deduction As a Realtor I get asked often what are the best upgrades to add value to a home. Here are a few that not only add value but help pay for themselves with energy efficiency and tax credits. You can get an energy-efficient tax credit of up to $500 for installing storm doors and energy-efficient insulation and air-conditioning and heating systems. Swapping out those old windows for energy-efficient ones could earn you $200. This credit is set to expire this year on December 31st. So, this year will be your last chance to take advantage of the tax credit for making your home more energy efficient. Also, installing equipment that uses renewable sources of energy makes you eligible for the Renewable Energy Efficiency Property Credit. The credit covers 30 percent of the cost of equipment and installation. This credit also expires this year on December 31st. Mortgage Interest and Refinancing Much like taxes it's impossible to avoid paying interest on a mortgage but you'll be glad to know you can deduct taxes on all of the following: * Interest towards mortgage * Mortgage payments for additional property * Rental properties * Refinancing and home equity lines of credit (HELOC) up to $100,000 of debt. If you own multiple properties, the mortgage interest on additional property is deductible as well. The cool thing is that it doesn’t have to be a house. It can be a boat or RV; as long as it has cooking, sleeping, and bathroom facilities, it counts as additional property. Regarding using your second home as a rental, you need to vacation at least 14 days at the property or spend more than 10 percent of the number of days you rent it out. Furthermore, you can claim points on your mortgage the year you paid them if the following happened: * The loan was to purchase or build your main home * Payment of points is an established business practice in your area and the points were within the usual range Property Taxes Now, this is the big one. Property taxes you pay each year are tax deductible. The amount of property taxes you paid for the year shows up on your lender’s annual statement. You must deduct them as an itemized expense on your Schedule A tax form. First-time homebuyers, look at your settlement sheet to see additional tax payment data. You may deduct the portion of property taxes you paid during the first year of your homeownership. As a homeowner, you have plenty of options available to reduce your tax burden. To find out more about your tax saving options as a homeowner, check out tax information for homeowners. |
Steven Liles
Welcome to my corner of the internet where I share tips, strategies, news, facts and mentoring in the world of Real Estate! Archives
March 2016
Categories |