Real Estate and Your Tax Return

Tax season is just around the corner.   This is the time of year many of our clients have questions regarding their home and their tax return.

If you bought or sold a home in 2022, an experienced tax professional will help you take advantage of valuable mortgage interest and property tax deductions. If you’re a first-time homeowner, you could potentially deduct some of your closing costs. A specialized tax pro will show you the ropes when it comes to claiming those expenses on your tax return.

Worried about the cost? There is good news: The fees you pay a tax adviser may be deductible on next year’s tax return. And from our friends at Dave Ramsey,  “a recent survey of 2,000 Facebook users found that people who use a tax pro receive an average of $791 more back from the IRS compared to those who use tax software. What a win!”

Helpful Resource Links: 

For Real Estate Sale and Capital Gains, visit  https://www.irs.gov/taxtopics/tc701.html

For Real Estate and Personal Property Taxes tips, visit http://www.hrblock.com/get-answers/taxes/adjustments-and-deductions/deducting-property-taxes-10845

For Real Estate and Mortgage Interest tips, visit: https://www.irs.gov/help-resources/tools-faqs/faqs-for-individuals/frequently-asked-tax-questions-answers/itemized-deductions-standard-deduction/real-estate-taxes-mortgage-interest-points-other-property-expenses

Got Questions?  For tax related questions we must advise you to consult with the expert advice of a Tax Professional or Certified Public Accountant. For all questions regarding home values and sales, please connect with Tony Clark Realtors – We are happy to be of assistance!

Tony Clark Realtors believes everyone should feel confident when buying and selling a home. We are here to be your trusted adviser. Since 1976, we are the Owensboro Kentucky market expert.

Tony Clark Realtors    |   2934 Frederica Street Owensboro, Kentucky   |   (270) 683-SOLD