Time is ticking as the tax-filing deadline approaches! Before you pay up to Uncle Sam, be sure claim all the tax deductions and credits you’re eligible for!
- Mortgage Interest Deduction – This is the most well-known deduction, and a huge benefit of being a homeowner. Deduct mortgage interest for both your primary residence and second home. Home equity loan interest can be deducted as well!
- Home Office Deduction – Do you have a home business? If you have a space dedicated for a home office, multiply the square footage of your office (maximum of 300 square feet) by $5 to calculate your deduction. You may also be eligible to deduct part of your mortgage interest, taxes, and utilities for home office use.
- Home Energy Tax Credit – This tax credit rewards homeowners who have made alternative-energy upgrades to their homes. If you have installed solar panels, fuel cells, or a geothermal heating system, you can get a credit for 30% of the cost of the equipment.
- Moving Expenses – If you have moved in the last year due to job relocation, you may be able to deduct some moving expenses. Your new place of work must be at least 50 miles further from your previous home than your previous job was from your previous home.
- Selling Your Home – If you have moved recently and made a profit on your home sale, up to $250,000 in sales gain ($500,000 if married and filing jointly) is tax-free, provided you owned the home for at least two years and lived there for at least two years before the sale.
Whether you are getting ready to purchase your first home, or are looking for a new home to invest in, consider Richardson Housing Group (RHG)! RHG builds new homes in Atlanta and surrounding areas. Choose from five incredible communities in Gwinnett and Jackson Counties. For more information, including available homes, photos, floorplans, and more, visit us online at www.RHGHomes.com. To keep up-to-date on the latest news and offerings by RHG Homes, check us out on Facebook at www.facebook.com/RHG.homes. You can also catch up with us on Twitter and see footage of our beautiful new homes and communities on YouTube!