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Hey everyone, it's nearly April 15, and for those of you who are last-minute procrastinators for tax day, we have a couple of things that you may have forgotten to put on your return. These are some of the most commonly overlooked areas when it comes to doing your taxes and we wanted to bring it to your attention.
One thing you want to make sure you do if you bought a home in the last year is claim the origination fees on your loan as tax deductible. Make sure you get those closing statements to your accountant.
Another tax you can deduct is your property tax. On both primary residences and vacation homes, your property tax is fully deductible.
This is another no-brainer, but people forget about it. You can deduct 100% of the interest portion of your 2014 mortgage payments when you file your return.
Also, if you own a home that was your primary residence for more than two years and sold it in 2014, you can qualify for up to a $250,000 tax exclusion if you're single, and $500,000 if you have a spouse.
Make sure you don't miss out on any of these deductions. If you have any questions about anything relating to your taxes or real estate in general, give us a call or send us an email. We look forward to speaking with you!
One thing you want to make sure you do if you bought a home in the last year is claim the origination fees on your loan as tax deductible. Make sure you get those closing statements to your accountant.
Another tax you can deduct is your property tax. On both primary residences and vacation homes, your property tax is fully deductible.
This is another no-brainer, but people forget about it. You can deduct 100% of the interest portion of your 2014 mortgage payments when you file your return.
Also, if you own a home that was your primary residence for more than two years and sold it in 2014, you can qualify for up to a $250,000 tax exclusion if you're single, and $500,000 if you have a spouse.Make sure you don't miss out on any of these deductions. If you have any questions about anything relating to your taxes or real estate in general, give us a call or send us an email. We look forward to speaking with you!
