Homeownership-related tax deductions can prove advantageous in lowering your tax bill. HouseLogic lists some of the ways homeownership helps at tax time:
Mortgage interest deduction: Itemizing homeowners can deduct the interest they pay on their mortgage up to $1 million—or $500,000 if married but filing separately. The deductions can be made for loans issued to buy, build, or improve your home, and can apply to a house, trailer, or boat as long as it serves as your residence. A second mortgage, home equity loan, or home equity loan of credit to improve your home or buy a second home can also be included toward that $1 million limit.
Property tax deduction: The real estate property taxes paid can be another chunk of a deduction. For homeowners who purchased a home this year, they’ll want to check their HUD-1 settlement statement to see if they paid any property taxes when they closed on the purchase of the home.
Prepaid interest deduction: The prepaid interest, or points you paid when you took out your mortgage, is also deductible in the year you paid it too. This could apply to homeowners who refinanced their mortgage and used the money for home improvements. You can also deduct the points if you refinanced to get a better mortgage rate or shortened the length of your mortgage, but the deduction of the points must be over the life of your mortgage. See an example at HouseLogic.com.
PMI and FHA mortgage insurance premiums: The costs of private mortgage insurance can be deducted on loans taken out in 2007 or later. There are some stipulations, particularly if your adjusted gross income is more than $100,000, on how much you can deduct. Government insurance from the FHA, VA, and Rural Housing Service can also be deducted, but varies among agencies.
Vacation-home tax deductions: If the vacation home is used only by you, you can deduct the mortgage interest and real estate taxes. That means the home is not rented out for more than 14 days a year. If the home is rented out for more than that and used by yourself for less than 15 days, the home is classified like a rental property. Expenses are then deducted on IRS form Schedule E.
Team Olsewski’s uses a team approach to help individuals sell, buy or invest in Real Estate; they are also experienced short sale specialists. They offer an extensive internet based marketing program that sets us apart from other agents.
Why choose a Team? The simple truth is that a team will always out-perform an individual agent. Is working with an individual a bad thing? Not at all. Once up on a time, everyone on our team was an individual agent.
Team Olsewski’s work ethic and focus while working with their clients to achieve their goals is what truly sets them apart as one of the leading real estate Team’s in Southwest Riverside County. Always working as a team to achieve their client’s goals and having the ability to sense changing market trends as well as long term projections in the real estate industry makes Team Olsewski one of the best in their profession. As a Certified Internet Marketing specialist Team Olsewski has the training and knowledge to help homeowners looking to sell gain the most online exposure for their listing. Ultimately netting them the most when they sell. Team Olsewski’s has extensive experience successfully closing tough short sales with many different lenders.
Team Olsewski has multiple dedicated buyer’s agents who work exclusively with our buyers. This maximizes the home buying process thus insuring our buyers have the best possible home buying experience.
We service the Temecula, Murrieta, Winchester, French Valley, Menifee, Wildomar, Hemet, Perris, Moreno Valley, Lake Elsinore, and Corona area’s of Southwest Riverside County.
Whether you are looking for the perfect home to suit your lifestyle or want to sell your home quickly and at the highest value, Team Olsewski is the real estate Team for you. Working with you as a team, they will help you achieve your long-term and short-term goals. Team Olsewski brings the full range of their talents to make the most out of your largest investment, your home.Call them today!
“Be more concerned with your character than with your reputation. Your character is what you really are, while your reputation is merely what others think of you.”
“Never let the things you can’t do stop you from doing the things that you CAN do!”.
"When we met Jeff, we left the meeting at the property knowing he was the realtor that was going to make it happen for us! He was positive, energetic, and even though he had to travel a distance to meet us, he made no excuses and wasted no time. He previewed the property, gave us the scoop, and helped us with our strategy to buy the perfect home for us. "