12 Tax Deductions & Credits for Tahoe Truckee Homeowners
August 29, 2017 | Ann Nguyen
         It’s never too early for Truckee and Tahoe homeowners to start preparing to file 2017 taxes. Few, if any, really enjoy taking time out of already busy schedules to file income taxes, but it’s important for homeowners to prepare in advance if they wish to take advantage of every available deduction and credit that will help to lighten their tax burden.Fortunately, there are a number of deductions and credits that Truckee and Tahoe homeowners may qualify for. In conjunction with my associate, Valerie Brinker, we’ve worked to create a comprehensive list of tax deductions and credits that every homeowner should investigate as they prepare to file personal income tax returns for 2017. Here are 12 deductions and credits you may be able to take advantage of, as well as active links to more information on each credit via the official IRS website:

  1. Mortgage Interest on Primary or Second Home  (Current versions from IRS website) http://www.irs.gov/pub/irs-pdf/p936.pdf
  2. Primary Mortgage Insurance (PMI)http://www.irs.gov/pub/irs-pdf/p936.pdf (page 8)
  3. Pointshttp://www.irs.gov/pub/irs-pdf/p936.pdf (page 5)
  4. Interest on a Home Improvement Loan or Equity Line http://www.irs.gov/pub/irs-pdf/p936.pdf(page 10)
  5. Property Taxes http://www.irs.gov/taxtopics/tc503.html
  6. Home Office Deduction(if used as office or storage for business). New simplified deduction started for tax year 2013 http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Simplified-Option-for-Home-Office-Deduction or the regular deduction  http://www.irs.gov/pub/irs-pdf/p587.pdf 
  7. Selling Costs http://www.irs.gov/pub/irs-pdf/p523.pdf
  8. 8.Capital gains exclusion http://www.irs.gov/pub/irs-pdf/p523.pdf (page 10)
  9. Moving Costs for job(minimum 50 miles) http://www.irs.gov/pub/irs-pdf/p521.pdf
  10. Mortgage income tax credit(MCC) for low/middle income earners who are first- time homebuyers (no primary home interest within 3 years) with low to moderate income. Certificate must be obtained during the original purchase through a lender approved by and trained for the program. In CA: http://www.calhfa.ca.gov/homebuyer/programs/mcc.htm
  11. The Nonbusiness Energy Property Credit (extended through Dec 31st, 2014 but this IRS link has not been updated to reflect that as of 1/31/15) http://www.irs.gov/uac/Newsroom/Energy-Efficient-Home-Improvements-Can-Lower-Your-Taxes
For a detailed explanation of the income tax deductions available to homeowners, please see IRS Publication 530:  http://www.irs.gov/pub/irs-pdf/p530.pdf
 
Mortgage interest rates are still at record low so if you have been thinking about buying a mountain home in Tahoe Truckee – call/text Ann Nguyen 530-545-3458. I would love to help you get your mountain dream home and put these tax deductions to work for you.
Share

check_circle

You message has been sent!

Send us a Message: