REALTOR Tip: Homeownership and Taxes 2014 – Info for
New and Existing Homeowners in the Triangle
by
fmrealty on January 31, 2014/
Lisa Sullivan, Digital Media Marketing Director
#1 Mistakes in
Reporting/Deducting Could Lead to Hardship Down the Road
If you prefer to do your taxes on
your own, that’s perfectly fine. However, be sure you know what you can deduct
and how to calculate it correctly. In other words, don’t make any unnecessary
mistakes like deducting the wrong year for property taxes or if you work from
home, misjudging the home office tax deduction. Houselogic captures each of
these mistakes and provides tips on how avoid them in their article 9 Easy Mistakes Homeowners Make on Their Taxes.
Be sure and check that one out.
#2 New Homeowners –
There are Pros to Homeownership in Tax Write-offs
In 2013, you searched high and low
in the Raleigh, Durham, Chapel Hill and surrounding communities for that
perfect home. Maybe you downsized (or up-sized), relocated within the Triangle,
or you’re a first-time homebuyer. First, we congratulate you on your purchase!
Second, we also know understanding what qualifies as a tax write-off might be
confusing. Don’t forget you can actually deduct your property taxes; not to
mention – the interest in your house payment is also deductible, but there are
rules regarding that too. FOX Business breaks down what you need to know about
each of these write-offs in a recent piece entitled The Pros of Homeownership are Tax Write-offs.
Read and review that one carefully as well.
#3 Beware of the Tax
Benefits That are Disappearing
This is a biggie as there are three
tax write-offs that are vanishing – home energy improvements, the Private
Mortgage Insurance Deduction and Mortgage Debt Forgiveness. The Pittsburgh
Courier provides a listing of each and how you can take advantage of them
before it’s too late in their article 8 Disappearing Tax Breaks. Again,
worth taking a look at and if you have questions, ask your Accountant to
clarify for you.
#4 “Second Home” Homeowners
Get Tax Breaks Too!
BUT…you have to know and understand
what they are before you can claim them. For instance, did you know that as
long as you use your second home as truly a second home (not a rental), you can
deduct 100% of your mortgage interest. However, if you rent it out at any time,
then there are parameters you have to meet. Yahoo! Finance breaks those down in
their article Tax Breaks for Second-Home Owners.
So there you go! We’ve shared some
of the best articles we could find on tax breaks for homeowners in 2013. If you
have any questions, feel free to contact your Fonville Morisey Sales Associate
or your FM Lending Mortgage Consultant today as well. We’re always happy to
help!
Congratulations new homeowners of
the Triangle in 2013! Homeownership has its privileges.
This is just one of them…and it’s a BIG one.
Remember, whether you are ready to downsize, moving in to your dream
home, relocating from the Triangle, or just would like to know what your home
may be worth on the current market-feel free to give me a call for a FREE
comparative market analysis! I would love to help in any way I can!
Please join my Facebook page to stay on touch with what is going on
around the Triangle https://www.facebook.com/careyriversbroker
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