Who needs to snag some extra tax write-offs as a homeowner before December 31st?👋🏻
I’m hoping these could help you keep a little more cash in your pocket… and who doesn’t love that? I sure do!
First, I’m a Realtor, not a CPA, equally as important but with a totally different skill set that sometimes overlaps with the tax industry. Please check with your tax professional regarding these tips! Here’s what I would look at first:
Prepay Your Property Taxes – 🏠 If you can swing it, paying next year’s property taxes now can give you a nice little boost on this year’s tax return. More Info.
Extra Mortgage Payment – 📈 Making one more mortgage payment in December means more interest you can deduct this year, and not only does it help with taxes, but it can help you pay down that principal faster, too!
Energy-Efficient Upgrades – 💡 Thinking about new windows or solar panels? Some of these improvements, like ENERGY STAR certified products, come with tax credits, so they’re good for your energy bill and your tax return. Win-win! Check Eligible Upgrades.
Home Office Deduction – 🖥️ If you’ve got a dedicated home office, don’t forget you can write off a portion of your mortgage, utilities, and even repairs related to your workspace. Just make sure it’s a space that’s strictly for work.
Charitable Donations – ❤️ Planning to donate to a good cause? If you itemize deductions, donations to qualified charities can reduce your taxable income. Charity Verification.
Medical Modifications – 🛠️ Did you add any ramps or other home features for medical reasons? Some of these upgrades might qualify as deductions if they’re necessary and not covered by insurance.
HELOC or Refi Interest – 💰 Used a home equity line of credit or refinanced this year? You might be able to deduct some interest, especially if the HELOC was for home improvements.
Disaster Repairs – 🌪️ If you had property damage from a declared disaster, repairs not covered by insurance may be deductible, too. Disaster Relief Info.
If you need a great Tax Pro, just reply and let me know. It’s always worth a quick check if you’re not sure. I have some great partners in that space.
Need help with your taxes? Contact me for referrals!
Let me know if you have any questions – happy to help however I can!
Here’s to a great end to the year and a smart start to the next one! 🎉
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