Tuesday, May 12, 2020
Thursday, March 9, 2017
TOP MISSED HOME TAX DEDUCTIONS
If you were a client of ours and are looking for a copy of your closing documents - Give us a call! We have a copy on file.
Top missed home tax deductions. You've got your W-2 forms, and it’s time to go through your finances to file taxes. This usually isn't a fun task, but there’s good news if you bought a home, moved for a job or paid a mortgage or property taxes last year!
Check out the list below for the top commonly overlooked deductions for homeowners:
Moving expenses. To qualify to deduct moving expenses, you must meet a three-part test: closely related to the start of work, distance and time. First, you must have spent money on a move within one year of starting work in a new location. Next, your new work location must be at least 50 miles farther away from your old home than your old job was. And finally, you must work full-time for at least 39 weeks during your first year in that new job.
Mortgage interest. Like most homeowners, a good chunk of your mortgage payment likely goes toward interest on your loan. The good news is all of this interest is deductible in a lot of cases! There are limits on this rule if you refinanced, have a loan for more than $1 million or own multiple properties.
Property taxes. You can include all property taxes you paid, according to your 1098. If you bought your home in 2015, you can also count taxes you reimbursed the seller for—that amount will be on your settlement sheet. •Home office. If you work from home, you may be able to claim a deduction for your home office. In general, this deduction is based on how much you use a room in your home for business, like an extra bedroom or garage. There are some limitations based on how often you use that room, and how much of your business is conducted there.
Home improvements for medical care. For people with disabilities, home improvements that are required by a doctor may be deductible. In a rented house (where other costs were not reduced by a landlord), these costs may be listed as medical expenses. As always, your individual situation is just that- different from everyone else’s, and may not meet each requirement.
You should always check with an accountant or the IRS directly to be sure you qualify for these deductions.
Give Leigh or Paul Garnett a call if you are making a move. 816-985-7285 or 816-985-7653.
We are licensed in Both Kansas and Missouri with Realty Executives of Kansas City. Five Offices Metro Wide to better serve the Metropolitan Area and Suburbs.
If you were a client of ours and are looking for a copy of your closing documents - give us a call! We have a copy on file!
Monday, November 9, 2015
Mark Your Calendar:
Wednesday, September 18, 2013
Thursday, August 29, 2013
Dove Season Opener Next Week If you are an avid hunter - which many people are here in the Kansas City Northland -
Congratuations to Paul Garnett - He has once again received the Five Star Award for 2013. The Five Star Real Estate Agent Program is designed to identify and showcase real estate agents in a local market who score highest in overall satisfaction. This is the 5th year Paul has received the award. You can reach Paul at his office at 816-453-9100 or on his cell at 816-985-7285(PAUL).
Monday, March 19, 2012
Realty Executives Area Realtors , Paul R Garnett PC, 100 NW Englewood Road, Gladstone, MO 816-453-9100 ext.295
PaulR. Garnett, PC was recently announced as a 2012 Winner of the Five Star Professional Award Five Star Real Estate Agents scored highest in overall satisfaction The Five Star Real Estate Agent Program is designed to identify and showcase real estate agents in a local market who score highest in overall satisfaction. This is the 4th year Paul has received the award. You can reach Paul at his office at 816-453-9100 or on his cell at 816-985-7285(PAUL).