Tax Time Real Estate Deductions!
Hello Hampton Roads Home Owners, As tax time approaches, it's essential to explore every avenue to maximize your deductions and potentially save some money. If you itemize your deductions, these costs could translate into valuable tax savings. Before we delve into what you need to know, it's important to clarify that while real estate agents and settlement attorneys are experts in their respective fields, they are not tax specialists. Every homeowner's situation is unique, and tax laws can be complex. Therefore, seeking advice from a certified public accountant (CPA) is highly recommended to ensure you're making informed decisions tailored to your specific circumstances. Now, let's talk about those deductions! Mortgage Interest: This is often the largest deductible closing cost for homeowners. The interest you pay on your mortgage is typically tax-deductible, provided certain conditions are met. Keep track of your mortgage interest statements throughout the year,