Owners of Highlands NC real estate should be prepared, tax time is just around the corner. Home ownership has many benefits many of which appear in savings come April 15th. Two important homeowner tax tips are a deduction for private mortgage insurance and a deduction for property taxes. The property tax deduction has always been available as an itemized deduction and now may qualify for a standard deduction. The benefit of being a standard deduction versus an itemized deduction is that some people do not have enough itemized deductions to exceed the standard deduction amount, the ability to claim these deductions as a standard deduction can prove to be a benefit come tax time.
If you own or have recently sold Highlands real estate there are other tax benefits available as well.
- Many energy efficient improvements are deductible.
- Mortgage interest paid is deductible.
- If you sold your real estate up to $250,000 for an individual and $500,000 for a couple of capital gains is tax-free income.
Owning Highlands property has benefits, many of which make owning a better opportunity than renting. Please contact us today to learn more about Highlands real estate and have access to all properties that are currently listed for sale.
Click here for a great list of tax tips for home owners from BankRate.com.
For more information about Highlands and Cashiers North Carolina, and for access to the Highlands/Cashiers NC MLS, contact Meadows Mountain Realty today, 828-526-1717 or email us today at firstname.lastname@example.org.