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Top 5 missed home tax deductions

(Published on - 3/9/2017 7:17:32 PM)

Top 5 missed home tax deductions

 

 

March 01, 2017

You've got your W-2 forms, and it’s time to go through your finances to file taxes. This usually isn't a fun task, but there’s good news if you bought a home, moved for a job or paid a mortgage or property taxes last year! 

Check out the list below for the top 5 commonly overlooked deductions for homeowners:

•Moving expenses. To qualify to deduct moving expenses, you must meet a three-part test: closely related to the start of work, distance and time. First, you must have spent money on a move within one year of starting work in a new location. Next, your new work location must be at least 50 miles farther away from your old home than your old job was. And finally, you must work full-time for at least 39 weeks during your first year in that new job.

•Mortgage interest. Like most homeowners, a good chunk of your mortgage payment likely goes toward interest on your loan. The good news is all of this interest is deductible in a lot of cases! There are limits on this rule if you refinanced, have a loan for more than $1 million or own multiple properties.

•Property taxes. You can include all property taxes you paid, according to your 1098. If you bought your home in 2016, you can also count taxes you reimbursed the seller for—that amount will be on your settlement sheet.

•Home office. If you work from home, you may be able to claim a deduction for your home office. In general, this deduction is based on how much you use a room in your home for business, like an extra bedroom or garage. There are some limitations based on how often you use that room, and how much of your business is conducted there.

•Home improvements for medical care. For people with disabilities, home improvements that are required by a doctor may be deductible. In a rented house (where other costs were not reduced by a landlord), these costs may be listed as medical expenses.

 

As always, your individual situation is just that- different from everyone else’s, and may not meet each requirement. You should always check with an accountant or the IRS directly to be sure you qualify for these deductions.  Happy filing!

 

Real Estate is hopping. The market is strong.  We need more listings in all areas of the city and Kansas City suburbs.  Buying, Selling, real estate agent inquiry, we have five real estate offices to cover the entire Kansas City metro. 

Multiple listings 

 

Call Paul Garnett, PC with Realty Executives of Kansas City. Direct line is 816-985-7285. 


Eagle Days At Smithville Lake - Northland

(Published on - 2/11/2016 9:56:06 PM)


Eagle Days will be hosted on January 9-10, 2016 at the Paradise Pointe Golf Course Complex in Little Platte Park, Smithville, Missouri. Show times on Saturday are 9:30, 11:00, 12:30, and 2:00. Sunday show times are 11:00, 12:30, and 2:00. The viewing station location will be determined the day before the event.

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