It's Tax Season. Did You Know Homeowners Can Benefit From That?
As you do your taxes this year, remember that being a homeowner can get you important deductions and credits!
I wanted to share this blog from HAR.com (Houston Area Realtors) that talks about the various ways homeowners can save money during tax season. The full list is in the article below, but the advantages I always tell clients about are:
1) Home Office Expenses
Many of us are still working from home, so why not tax advantage of this great deduction? People that use a home office for their business can claim a standard deduction of up to $1,500 per year, which is based off of $5 a square foot — the max being 300 square feet.
2) The Gain on Your Home
In case you haven’t heard, this is a HOT housing market. Demand is high, and supply is low. If you already own a home, that’s very good news. In situations like these, the value of your home shoots up. I always recommend that clients who are looking to sell wait for the best possible time to do it, and now might be that time!
In fact, do you know that the IRS lets you take up to $250,000 in profit on your home’s sale if you’ve lived there for at least two years? That sounds like a real reason to sell!
3) Solar Panel System Tax Credit
Houston gets plenty of sun, so why not take advantage of it? Solar panels are the new generation of energy, and purchasing your own can save you hundreds of dollars a month on those pesky electric bills. If you have proof of purchasing solar panels, include it in this year’s tax return and get a hefty credit back from the government! Who doesn’t love money coming their way?