Tax Savings by Owning Real Estate


Home ownership contiues to be one of the strongest tax breaks anyone can use to reduce thier taxes.  What can you deduct from your taxes?  Here are a few items to consider.

1)  Interest paid during the year on your home.

2)  The property taxes you paid for the year.

3)  Any prepaid interest ie. Discount points paid by you to buy the rate down.

4)  Some moving expense may be deducted.

5)  Closing Costs may be deducted in some cases.

Please check with your accountant to see if any or all of these would apply to you.

When you sell your home, the capital gains may or may not be taxed.  These rules continue to evolve and checking with your tax accountant my produce more results then listed below.

1)  A $250,000 capital gains exemption per person.  $500,000 for a married couple.

2)  You must have lived in the home 2 out of the last 5 years. 

3)  It must be your homestead in Texas.

4)  The gain you have from your home does not have to be invested in your next home.

If you need further information then contact you tax accountant.

Please fill out the form below and Matt will be glad to assist you in finding your next home or selling your current one.

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