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Real estate tax tips

If you’ve done anything related to real estate this year – buying a home or refinancing a mortgage, for example – you should check these tax topics to see if your real estate-related tax liability has changed.

Homeownership

For starters, you may deduct the interest on your mortgage and any points incurred and paid when acquiring a mortgage. In addition, you may claim up to $10,000 in real estate taxes paid.

Rental property

If you earn money from renting out property you own, you must report that income on your tax return. Find out more about the potential tax implications.

MAJOR LIFE CHANGES

Bought a home

Bought a new house this year? You may be due some substantial tax deductions and benefits. See how you can maximize the benefits of being a new homeowner.

Foreclosure

A home foreclosure or short sale can have a major effect on your tax return. See what you need to report, and the wider impacts these events can have.

Refinanced mortgage

If you refinanced a mortgage you may be eligible for additional deductions on the new loan depending on the use of the funds from refinancing. If the refinancing replaced the previous mortgage, you may be eligible to claim all unclaimed points on the original mortgage as well as the prorated portion of the points paid to refinance.

Sold a home

Selling your home can make a big difference on your taxes. You may be eligible for up to a $250,000 deduction ($500,000 if Married Filing Jointly) on the profit from the sale of your primary home.

Change of address

Did you move last year? If you don’t notify the IRS of a change of address, you could be adding to a tax issue without realizing it.

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