Knowledge is power in the world of Real Estate!
Any property taxes that you paid on the home you sold or will sell, are deductible up to the time that you sold it. This deduction is capped at $10,000.
Any cost associated with the sale of your home is tax deductible. Everything from legal fees, escrow fees, commissions, advertising and more can be deducted.
Home Improvement and Repairs
Making improvements and repairs to your home before it goes on the market, or as a contingency for sale, can all be deducted from your taxes. Whether it was a room remodel, painting the house, landscaping, a new roof, or something else; as long as these improvements were made within 90 days of closing, their associated costs can be deducted.
If you sold your home and moved as a part of your job, the cost of hiring a moving company, renting a truck, and other associated costs can be deducted from your taxes.
These are a few of the deductions that can help to take the sting out of next tax season. As always the professionals at David Landry Real Estate are always ready and willing to assist you in the home buying and selling process!