Tax Benefits**

Looking to Sell? There are tax benefits for you too.

Income received from the profit of selling a home is tax exempt up to $500K for married couples and $250K for singles, as long as you have owned the home for at least 2 years! Some partial exemptions apply in some unforeseen circumstances (see your accountant for details)

pennies growing as a plantTax Tips for Homeowners

  • Points paid on home mortgages may be deducted in the tax year you pay them.
  • Points paid on a refinanced mortgage do not qualify for current deductions; you deduct them pro-rata over the life of the loan.
  • If you refinance more than once, and in doing so pay off a prior refinancing, the balance of points not yet deducted becomes deductable in the year of the new refinancing.
  • A home equity loan may enable a homeowner to finance purchases of consumer items and maintain deductable interest. Interest on a consumer loan, such as credit cards are not deductable.

**This information is deemed reliable of a general nature and should not be acted upon without further guidance or assistance from a tax professional. Please consult your tax professional before taking any action.