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!
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