It’s tax season again. We came across some things for home sellers to remember when filing. If you sold a home in 2019, or are looking to do so this year, here are some things to keep in mind at tax time.
5 Tax Deductions for Home Sellers
- Selling Costs – associated costs with selling a home, subtracted from the sales price of the home which will provide positive affect to your capital gains tax.
- Home Improvements and Repairs – expenses can be deducted as selling costs if made within 90 days of closing.
- Property Taxes – any property taxes paid through the year until the sale of your home (capped at $10,000).
- Mortgage Interest – a portion can be deducted for interest paid through the year until the sale of your home.
- Capital Gains Tax for Sellers – an exclusion rather than a deduction. Profits made from selling your home. $250,000 of capital gains for a single individual and $500,000 for married couples may be excluded when filing.
For more on these tax deductions take a look at this article from realtor.com … here.
We work with buyers and sellers on all kinds of properties in Southwest Colorado, and we enjoy sharing helpful tips along the way!
Our Brokerage firm has friendly knowledgeable agents, and Southwest Colorado realty experience spanning decades. In Pagosa Springs, Colorado, count on Pagosa Brokers Real Estate. We’d be happy to help guide you through the stages of home buying and selling!
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