![]() 10 tax questions and answers for homeownersĬurrent and aspiring homeowners should know the impacts that the 2017 Tax Cuts and Jobs Act (TCJA) changes will have on their tax returns in order to keep their tax bill as low as possible. For others, the changes aren't as beneficial. These larger deductions may already exceed the amount of income-lowering that itemization would bring, and may simplify the filing process for you. ![]() If I pay $1,500 a month in mortgage interest, that's potentially an $18,000-a-year deduction."įor some homeowners, especially those with small mortgage balances who live in places with low state income and property tax areas, the good news is that the new standard deductions ($12,550 if filing single or married filing separately, $25,100 if married filing jointly) may mean that you no longer need to itemize deductions for the purpose of lowering your taxable income. Yet there's no reason to pay more than the minimum, and the Internal Revenue Code actually gives property owners lots of tax breaks.Īccording to Art Ford, a certified public accountant in Boston, "For many homeowners, real estate taxes and mortgage interest are by far some of their biggest tax deductions. Albert Einstein once lamented, "The hardest thing in the world to understand is the income tax." If you buy, sell, finance or own real estate, it gets even harder.
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