The Tax Deadline Is Upon Us! If you own a home and have a mortgage, use it to your advantage! The monthly interest portion of your mortgage payment can be written off on your tax return, thus, reducing your taxable income. With interest rates still low potential home buyers can still make their home decision and get a tax break for 2015!
Sellers Get a Tax Break on Capital Gains! Homeowners having lived in their primary residence for 2 out of the last 5 years do not pay income tax on their home sale gains! Single homeowners are exempt for a gain up to $250,000.00 and married couples are exempt up to $500,000.00. Excellent scenario of making money without being taxed!
You may qualify for tax credits in moving expenses with a job transfer if you purchase a home in one state and sell your home in a different state.
Remember to consult your CPA or Tax Attorney for tax advise on your real estate transaction. You may be entitled to Tax Breaks as a result of Home-ownership!