Minimize what you'll owe and maximize what you'll get back at tax time.
To ensure you're not missing out on any hefty tax breaks, consider these three common home–related tax breaks that are often missed, overlooked, and underused.
State and local tax breaks for green home improvements. homeowners have taken steps to improve their home's energy efficiency.Many of those improvements are eligible for state, county, and/or city tax credits -- or tax breaks. If you've installed dual-paned windows, insulation, low-flow plumbing appliances, tankless water heaters, or solar panels last year, dig up your receipts.
Mortgage interest tax break Many homebuyers expressly call out the mortgage interest tax deduction as a major motivation behind their desire to own a home. The ability to write off interest on up to $1 million of mortgage debt shifts the affordability equation
COD tax exemptions Normally, defaulted mortgage debt that is forgiven through a foreclosure, short sale, deed in lieu of foreclosure, or settlement via partial payment is actually charged to a taxpayer as income. It's called cancellation of debt, or COD.
So with that in mind maybe you want to turn your savings into a new home in Taos or Angel Fire. Are you looking to sell your Angel Fire or Taos property call on us. We are dedicated to bringing you the best in real estate in the Enchanted Circle. If buying or selling Angel Fire property call us at (575) 377-2626. Maybe you want the perfect Taos get away to fuel your artistic side call us at (575) 758-5852. We have lots and larger parcels for sale in Taos and Angel Fire to build your "Dream Home". To speak directly to a broker call Paula at (575) 770-3306. We are here to welcome you to our growing community.
Information obtained from Trulia