Did You Know About These 7 Tax Deductions

Dated: April 6 2015

Views: 251

Image title




Tax season is upon us. Speak with your accountant or tax preparer to determine if you are eligible for any of these deductions. Every penny helps, right?

  1. PMI - private mortgage insurance. If you have an FHA loan or a conventional where your downpayment was less than 20% of the purchase price you likely pay PMI.

  2. Mortgage interest - if you have a mortgage you definitely pay interest! Over $600 in annual interest qualifies.

  3. Local real estate taxes - your city, state and possibly even foreign real estate taxes may be deductible on your federal tax return. Depending on your income there may even be additional city or state deductions.

  4. Losses - property damage by weather, fire or theft that equals more than 10% of your gross income can be used as a deduction.

  5. Renovations -any renovations that were completed can be counted as an investment towards reducing your taxes, particularly if your profit is over 250k

  6. Sold your home - did you pay a real estate agent a commission? What about an attorney? Those costs or legal fees count!

  7. Moving expenses - did you move more than 50 miles for a new job? Your moving expenses may qualify.

I'm not a tax professional so please contacts yours to see if you can benefit from any of these great deductions. Need a tax referral? We have some fantastic professionals!

Blog author image

Danielle Sharp

Danielle is broker/owner of Sharp Homes Realty. A Detroit native, she escaped the cold, gray winters of Michigan in 2007. Community involvement has been a high priority while building a customer centr....

Want to Advertise on this Site?

Latest Blog Posts

Botanical Brewing Co Wellness Bazar Free

Wed, Nov 18, 2020, 10:00 AM –Thu, Nov 19, 2020, 1:00 AM ESTLocation839 Miramar Street Cape Coral, FL 33904 View MapA sneak preview event! Join us ahead of our Grand Opening celebration

Read More

Sunday Oct 25 2020 9 To 11 AM

Trunk or Treat - FREE Outdoor Eventby Angela Guillette P.A. and Palm City BrewingFree tickets on EvenbriteLocation Palm City Brewing7887 Drew Circle  #Suite 130  Fort Myers, FL

Read More

Cape Coral Farmers Market

The Cape Coral Farmers' Market is a popular destination for locals and visitors alike. The market, which holds a seasonal schedule and occasionally closes for off times, is host to a variety of

Read More

Sat Sept 26 12PM To 1PM

Wicked Dolphin Distillery TourWe will take you through the steps of how we source our ingredients, cook, ferment, distill, in our distillery plant then off to our barrel room where we will show you

Read More