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Make the Most of Homeowner Tax Benefits and Moving Season With These Tips

Greater Seminole County Real Estate Report 3-17-21: Follow these tips to take advantage of homeowner tax and benefits and make your move as seamless as possible with these moving tips!

homeowner tax benefitsSpring is here! This time of year isn’t just known for cool breezes and new growth. It is also tax time and prime moving season. In this week’s newsletter, we will take a look at homeowner tax benefits and must-know tips when planning your next move.

Tax Deductions for Homeowners

Understandably you want to take advantage of every tax deduction available to you. The following are a list of homeowner tax benefits you may be eligible for:

  • Mortgage Loan Interest Expenses – Homeowners may deduct interest expenses on a maximum of $750,000 of their mortgage loan as long as the home has not been rented for more than 14 days out of the calendar year.
  • Home Appreciation – Homeowners can deduct up to $250,000 ($500,000 if married filing jointly) of their home’s appreciation.
  • Property Tax Deduction – You can deduct property taxes and any taxes you paid at closing (if you bought your home in the year you are filing taxes for).
  • Deductible Points – If you refinanced or closed on your home in the past year, you may be eligible to deduct the points you paid.
  • Unavoidable Loss of Property – Homeowners who have incurred damage due to an unforeseeable event such as a natural disaster can claim a percentage of the damage on their income taxes.
  • Solar Energy Tax Deduction – If you’ve made solar improvements to the property, the total cost can be deducted from your income taxes.
  • Moving Expenses – If you relocated for a new job in the past year, you can deduct the moving costs from your taxable income.

Consult a qualified tax professional if you are unsure which deductions you are eligible for.

Must-Know Moving Tips

Are you planning to move but not sure where to start? These moving tips will make sure that you get off on the right foot!

  • How Do You Plan to Move – Are you going to hire movers are do it yourself?
  • Pets and Children – Be sure to make the proper arrangements for your kids and any pets.
  • Moving Supplies – Order any needed moving supplies well in advance.
  • Change of Address – Notify all of your accounts of your new address.
  • Work with Your Budget – Get plenty of quotes ahead of time and make sure you budget for unexpected expenses to arise.
  • Book in Advance – Whether you need moving trucks or are hiring movers, be sure to book well in advance.
  • Ask the Right Questions – Ensure you are hiring reputable movers by asking the right questions, including:
    • Are you licensed?
    • Do you have liability coverage?
    • May I see your references?
    • What is the cancellation policy?
    • Can you provide a binding estimate?

Ready to Make Your Next Move?

Partner with the most trusted Realtor in Lake Mary when it comes time to make your next move. Gitta Sells is here to ensure you have the best experience possible and find just what you are looking for. Please feel free to reach out with any questions you may have at gittasells@gitta.com or 407-330-2181. I am here to help with your home buying and selling needs!

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