02/02/2023
Are you ready for tax season? Things to know. The filing deadline is April 18.
Home interest deduction :
Mortgages that closed before Dec. 14, 2017: A married couple filing jointly, and single filers can deduct mortgage interest on a combined debt limit of $1 million.
Mortgages that closed after Dec. 14, 2017: For both primary residences and second home loans, married couples filing jointly and single filers can deduct mortgage interest on a combined debt limit of $750,000.
Property tax deductions:
Taxpayers who itemize can only deduct up to $10,000 on a combination of state and local property, income and sales taxes. This applies to property taxes on your primary residence, a vacation home and undeveloped land.
Capital gains tax exclusions:
Married-joint filers can exclude up to $500,000 and single filers can exclude up to $250,000 when selling their primary home, provided they’ve lived there two of the past five years.
Those are just a few of the housing-related tax laws. Please consult your tax advisor for more information on how these and other tax deductions may apply to you.
For more information, please feel free to reach out directly to me. My contact information in my bio. Happy filling 😎
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