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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.

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MAJOR LIFE CHANGES

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.

Renewable Energy Tax Credit

There are a lot of good reasons for making your home more energy-efficient - especially when it comes to your federal taxes. Those upgrades make you eligible for the Residential Energy Credit that will not only help lower your energy bills and reduce your carbon footprint but lower your tax burden as well.

Your Questions

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Is owning a house worth the expected tax breaks? Would claiming the standard deduction be better than itemizing as a homeowner?
When the total of mortgage interest, property and state taxes, and charitable contributions exceed your standard deduction amount, you should itemize deductions to get a lower tax liability.
I own a rental property. What tax deductions I can take as a landlord?
Although property and state income tax deductions have been capped at $10,000 for homeowners, the law does not affect landlords. In fact, you can deduct the property and state taxes as a business expense, as well as costs like the mortgage interest on your property, advertising, operating expenses, maintenance and depreciation. Ask a Tax Pro for more information.
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