Home ownership can accomplish more than feeling the security of having a roof over your head. Buying and selling a home becomes a path towards greater wealth when you consider the tax advantages. After all, it’s not how much money you make, it’s how much you keep that helps you to get ahead!
For example, buyers can deduct mortgage points and prorated property tax they may have paid at closing. Home owners can deduct the interest on monthly mortgage payments.
Selling can result in quite a bonus depending upon how long you’ve owned your home and how property values have appreciated. When selling a home, the seller can keep the profit resulting from the sale as tax free income up to certain limits ($250,000 for a single person, $500,000 for married couples filing a joint return). There are some rules to follow. One example is you must live in the home for 2 out of 5 years prior to the sale. Contact your tax professional for more details. See more info here: https://turbotax.intuit.com/tax-tools/tax-tips/Home-Ownership/Tax-Aspects-of-Home-Ownership–Selling-a-Home/INF12035.html
Let’s talk! If you’re interested in selling and curious about your home’s value and how it might appeal to current buyers, we can schedule a complimentary marketing consultation. Please share your contact info and let me know a little about your home and your reasons for selling and I’ll be in touch:
Alice Louise Karow, REALTOR
Waterfront Realty Group, Inc., 1395 3rd St S, Naples, Florida 34102 USA