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Home Tax Saving

Tax Saving
Finally, you've gathered the means and courage to sell your home. Is there any way you can start saving the little money that you have left?

They Taxpayer Relief Act of 1997 is your answer. The Act set exclusions from federal tax of up to $500,000 capital gain when a couple sells their main home (%250,000 for single filers). The exclusion can be reused every two years. The catch? You must own and occupy the home for two years before claiming the tax break.

As a result of this act, investing money in home repairs can also bring you a considerable amount of tax relief. If you sell your home at a profit, home improvement expenses will reduce the capitals tax that you would owe. Of course, this is the law NOW. The tax code changes quickly. Because of this, it is a good idea to keep all of your invoices and cancelled checks for home improvements. This will allow you to methodically track your home improvement expenses and tailor them to the tax code as necessary.

The current tax code also allows for yearly deductions in property taxes and mortgage interest. These tax breaks can really help you save for the money you'll need to make your monthly mortgage payments!




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