Tax Breaks For Your Richmond, VA Home

mortgage and down paymentThere are new homes for sale in Richmond, VA! Whether you are looking for a multi-family home, single-family home or a townhome there are many different home expenses that are tax deductible.

Americans save around $100 million every year by claiming their mortgage interest as a deduction. If your loan is less than a million dollars and you itemize your return you can take the deduction on both your primary and secondary homes.

The IRS recognizes points, which are fees a lender charges to originate a loan, a form of mortgage interest that is paid in advance. Meeting certain criteria you can deduct these points in the year that they were paid. So if you paid two points on a $250k mortgage last year you can write off $5k on your tax return.

By looking at your annual statement from your lender you can find the amount you paid in property taxes. You will enter this amount on your federal tax form. Property taxes are an itemized expense and they are deductible for as long as you own your home.

Remodeling projects are a great way to add value to your home. Many homeowners took advantage of remodeling their homes last year. Whether it is a new roof or remodeling your master bathroom remembering the money that your spent on these projects can help to lower your tax bill when you sell your home. Keep your receipts and use the free online tool Zillow Digs to get an idea of how much your remodeling project could run you and what your return on investment could be.

Come check out the new homes for sale in Richmond, VA today!

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