Wondering if there are any tax breaks you can get after selling your home? Fact is, there are! Check out these top 5 tax deductions for Sellers that we’ve been loving to share with our sellers.
The top 5 tax deductions you can get as a seller
01. Selling costs – Any fees associated with selling your home can be deducted from your taxes for that year.
02. Home improvements and repairs – Did you do any repairs or upgrades before or during the home selling process? Save those receipts and invoices!
03. Property taxes – You can deduct up to $10,000 in property taxes if you’re up to date on all your taxes.
With tax season coming to a close, make sure you talk about these deductions with your planner (or even just your tax software— if that’s your style!)
04. Mortgage interest – You can deduct the interest on your mortgage for the portion of the year you owned your home.
05. Capital gains tax – Under 2018 tax code, new homeowners and sellers can deduct the interest on up to $750,000 of mortgage debt.
Selling your home this year? Save this blog and click here for our listing guide or to find out the value of your home!