Top Days to List Your Home for SaleSome Highlights: ATTOM Data Solutions conducted an analysis of more than 29 million single-family home and condo sales over the past eight years

Dated: January 2 2015
Views: 1874
There are several tax benefits, incentives, and deductions to consider when owning a home. As we look forward to a NEW YEAR , let's make sure we don't forget these:
HOMESTEAD EXEMPTION in the state of Alabama is one some new home owners forget to file. The home owner MUST go to the courthouse to file for this exemption hisself and take his deed with him to file for it.
The INTEREST you pay on your mortgage is probably the largest deduction and is available on the following types of loans:
Mortgage on your primary home
Second Mortgage
Line of Credit
Home Equity Loan
You can also deduct the interest paid on a second home with certain limitations.
If you made ENERGY EFFICIENT IMPROVEMENTS to your home - your are allowed a credit on your tax return. The products must meet certain criteria so it best if you ask before you start your home improvement project. Think about this for next year as well. Here's a few examples that may qualify:
Skylights
Exterior doors and windows
Metal roofs
Insulation
Central air conditioning and heating
Hot water heater
if you are self-employed and work from home another qualifying tax deduction may be your home office. Check with your tax advisor to see what's required in order for a home office to qualify.
I'm not a tax advisor, I am suggesting you talk with yours and make sure you receive all the home owner benefits that come with ownership.
When someone you know is ready to buy or sell in Baldwin and Mobile Counties, send them to me at Gulf Winds Realty. I'm never too busy for your referrals. jerrie.gulfwinds.com
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