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Make Your Home Work For You on Tax Time

When tax time comes around again, don’t forget to tap into the potential savings that you are entitled to as a homeowner! A professional mortgage broker can help you to get the biggest return out of your home when it comes time to fill out your income taxes.

First and foremost, remember to deduct the interest on your mortgage payments on primary and secondary homes. You can make this deduction so long as your mortgage is less than a million dollars and you itemize your return.

The property taxes you’ve paid are an itemized deduction on your Federal taxes for as long as you own your home.

Did you make any improvements to raise the value of your home? Many of these can be written off. However, any renovations to restore something to its original state probably cannot be written off.

Did you install any energy-efficient features in your home? These can be used to offset your bill. This deduction can be for up to ten percent of the amount you spent on the energy-efficient upgrades, up to $500.

Do you work from home? Don’t forget to calculate the deduction for your home office. As of this year, the write-off is easier before as homeowners have the option of taking a flat rate of $5 per square foot of their home office.

The Value of a Good Price

Blog mortgage agent, mortgage broker April 7th, 2014 David Haley Mortgage Loan Officer

So, you’re having trouble selling a house. After a few months on the market, you’ve got to start looking at what you’re doing wrong. Is the economy bad? Is the location bad? Is the place too much of a fixer-upper? You could probably go on for hours about why nobody’s making you the offer that you want, but many good mortgage brokers will tell you that it is pretty much always going to boil down to one important fact: you’re charging too much.

Indeed, take any reason that people don’t want to buy your house and it can most likely be translated to a price issue. No location is so bad that it won’t still sell for a lower price. No repair job is too daunting that a low enough price won’t make it worthwhile. You can have the most desirable house in the country on the market in terms of quality and location, but you’ll still be stuck with it for years on end if you’re charging too much for it.

With this in mind, consider your situation. What kind of offers have you been getting so far? Even if they are significantly lower than your asking price, it may be worthwhile to think of ways that you can meet your potential buyers halfway. After all, even if all the market data in the world is telling you that your home is worth so much, it doesn’t mean a thing if you can’t actually encourage anybody to pay that amount.

Make Your Home Work For You on Tax Time

The Value of a Good Price

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