Tax Benefits for 2014 Atlanta Home Buyers

 

Annie Casey CPA Atlanta

Annie Casey

The Necessary Disclosure

Let’s be clear. I’m a real estate agent, not a CPA, and this is merely a guide. I’ve asked Annie Casey, Partner with Rand & Casey, P.C. to highlight a few of the deductions you won’t want to miss. Meet with your tax preparer to discuss your individual situation.

You may be able to claim the following deductions on your primary residence for 2014:

  • Property taxes that you reimbursed the seller for if you bought in 2014
  • Points paid to the lender if you bought in 2014
  • Mortgage interest
  • Interest on a Home Equity Loan
  • Home office deductions
  • Home renovations made to accommodate a chronically ill or disabled person

What you won’t be able to deduct:

  • Homeowners’ association dues
  • Home insurance
  • Home improvements (These will later be used to reduce your capital gain upon sale so keep a list for each year and your receipts)
  • Other settlement costs paid at closing if you purchased your home in 2014 (Keep your settlement statement as you will need it to calculate your gain on sale)

Keep the following receipts for when you resell your home as you may be able to use them to lower your overall gain upon sale:

  • Additions: any room, deck, garage, patio Improvements: remodeling, upgrading, flooring
  • Hardscape Upgrades: driveway, pool, retaining walls, irrigation system
  • Insulation
  • Major home systems: roof, heating and air systems, water heater, septic/sewer upgrades, filtration, home wiring, security.

Remember, this is a guide. Seek specific information from your tax preparer or contact Annie’s firm for additional information:

Annie Casey
Rand & Casey, PC
90 West Wieuca Road, Suite 250
Atlanta, GA 30342
404-250-9053
Annie@randcasey.com

Love Now Sell Later features Atlanta real estate news that affects your home’s value as well as easy home updating ideas. Check out my blog, or follow me on Twitter, Facebook, or Pinterest.

 

 

 

 

 

 

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