Thursday, March 21, 2019

New Homes and Taxes

If this is your first tax season in your new home you’ll be looking forward to some positive effects on your tax return.
Although there were many changes in the 2018 Tax Cuts and Jobs Act legislation – deducting mortgage interest is still an option, although only on amounts up to $750,000 in qualified residence loans.  Interest on home equity loans can only be claimed if the loan was used toward home improvements.
This is an important deduction since many other options are off the table with the new changes including restrictions on home offices, theft and property damage and tougher rules on itemized giving deductions.
It is important to find a tax preparer who understand s the new changes to the tax code and can help you maximize the benefits you’ll receive as a homeowner.
What will you plan to do with your tax refund? Do you have any home improvements on the list?

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