Ready for tax season?
Ready for Tax Season? Here are a Few Housing-Related Tax Tips to Consider Tax season is upon us. Are you hoping for a big break on your tax return? As you prepare your 2023 taxes, here are a few housing-related items to keep in mind.
Home interest deductions.
• Mortgages that closed before Dec. 16, 2017: A married couple filing jointly, and single filers can deduct mortgage interest on a combined debt limit of $1 million.
• Mortgages that closed after Dec. 16, 2017: For both primary residences and second home loans, married couples filing jointly and single filers can deduct mortgage interest on a combined debt limit of $750,000.
Property tax deductions.
Taxpayers who itemize can deduct up to $10,000 as a married couple filing jointly or $5,000 for those who are single or married, filing separately on a combination of state and local property, income and sales taxes. This applies to property taxes on your primary residence, a vacation home and undeveloped land.
Capital gains tax exclusions.
Married-joint filers can exclude up to $500,000 and single filers can exclude up to $250,000 when selling their primary home, provided they’ve lived there two of the past five years.
Residential energy credits.
Certain home improvements, such as energy efficient windows, doors, solar panels and HVAC systems may be eligible for tax credits. Check IRS guidelines to determine how much you can claim as a credit.
Those are just a few of the housing-related tax laws. Please consult your tax advisor for more information on how these and other tax deductions may apply to you.
To stay updated on what’s happening in your market, or for professional guidance through the process of buying or selling a home, I’m always available to help.
You’ve got this…
Staying committed to your New Year resolutions involves practical strategies and a resilient mindset. Begin by setting realistic and achievable goals, breaking them down into smaller, manageable steps. Establish a clear plan of action and integrate your resolutions into your daily routine. Regularly track your progress, celebrating small victories along the way to maintain motivation. Share your goals with a friend or family member who can offer support and encouragement. Embrace adaptability, understanding that setbacks are part of the journey. Finally, prioritize self-care, ensuring that your resolutions align with your overall well-being. By incorporating some of these strategies, you'll increase the likelihood of staying dedicated to your New Year resolutions throughout the year. You’ve got this!
Discovering happiness in your home…
Make it stand out
Discovering joy at home involves simple yet meaningful activities that resonate with your personal happiness. Engage in hobbies that ignite your passion, whether it's reading a favorite book, practicing a musical instrument, or experimenting with new recipes in the kitchen. Create a cozy space for relaxation, perhaps with soft lighting and comfortable cushions. Connecting with loved ones through virtual calls or spending quality time with family can bring a sense of fulfillment. Cultivating mindfulness through meditation or yoga can also contribute to a positive and centered mindset. Ultimately, finding happiness at home is about embracing the things that bring you genuine joy and weaving them into the fabric of your daily life.