If you closed on a home purchase in 2018 there may be items included in your transaction that you can itemize. Check out this article to find out. . . the 2018 standard deductions increase in 2018, it’s $12,000 for single filers, $24,000 for married filing jointly and $18,000 for head of household. Remember you can either take the standard deduction or itemize - you can’t do both. As always consult a CPA or Qualified Tax Preparer for advice. I’m just reporting the facts :)
As we close out 2017. . .now everyone is thinking about tax time so we are here to help you. For any residential real estate transaction there are items that you are able to write off on your tax return. . . this article goes over exactly where to find those items that would be eligible for you to include on your tax return. . .I hope that you find this information useful.
Congratulations on your homeloan closing in 2016. There are some items that you are allowed to deduct on your income taxes. Attached please find this article that covers these items per IRS guidelines. Please feel free to share with your CPA or anyone else that has closed on a homeloan in 2016.
I hope you find this overview informative.
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