Are You Taking Advantage of These Homeowner Tax Breaks?

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a stack of coins gradually increasing in heightThere are many benefits to owning a home: A home is an investment that can earn equity, is often cheaper to buy than to rent, and is your own place that you can fill with wonderful memories.

But another great benefit about owning a home is the financial benefits that you can take advantage of during tax season.

Major Tax Breaks for Homeowners

Owning a home, and eventually selling it, can offer you opportunities for deductions on your taxes, and we wanted to outline the major tax breaks for homeowners today. Are you taking advantage of these tax benefits?

Deduction for Mortgage Interest

In many cases, you can fully deduct the amount of your mortgage interest on your taxes. The IRS has a chart you can use to help determine if your mortgage interest is fully deductible.

mortgage interest credit is available for lower income homeowners for part of the home mortgage interest that they pay.

Credit for Energy-Efficient Home Improvements

Available until the end of this year, homeowners who have installed solar hot water heaters, solar electric systems, wind turbines, or qualifying energy-efficient home improvements can take a tax credit as part of the Residential Energy Efficient Property Credit.

The credit is for 30% of the cost for these energy-efficient home improvements.

Deduction for Property Taxes

In addition to deducting your mortgage interest, you can also deduct the annual taxes you pay on your home’s value, called real estate taxes.

Deduction for Capital Gains

calculator and financial worksheet for taxesIf you have used your home as your primary residence when you sell, you can exclude up to $250,000 in capital gains from the home sale on your taxes (or $500,000 if you are married filing jointly).

To learn what other tax benefits you may take advantage of, visit the Credits and Deductions page on the IRS website or read this MarketWatch article about other tax breaks for homeowners.

Let Us Help You Find the Perfect Home

If you have been considering buying a home and are ready to start your search, we can help you find the perfect home that falls within your budget and provide you with helpful real estate resources to make the journey to homeownership as smooth and enjoyable as possible.

Contact us today and let’s talk about your goals for owning a home.

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5 Ways to Host the Perfect, Mess-Free Super Bowl Party

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If you are hosting a big party to celebrate Super Bowl 50, you probably want it to be an event that you and your guests remember for years to come.

But Super Bowl parties can be messy: Crumbs and dirt from your guests’ shoes can embed themselves in your carpet, drinking glasses and plates can pile up, and the late-night messes can leave you feeling frustrated. But not to worry, we have a few Super Bowl party ideas that can help you minimize the mess.

Game-Changing Super Bowl Preparations

table cloth with appetizers and party itemsBefore you place the perfect decorations and put the snacks out on the table, prepare for game night with these helpful tips.

1. Buy Disposable Table Covers

Protect your coffee table from scuffs and crumbs by covering it with a disposable cover, whether it’s a plastic tablecloth or a roll of brown paper. For extra security, you can tape the edges to the underside of the table, and all you have to do is scoop up whatever’s left — including broken chips, bits of salsa, and water rings — and toss it out.

2. Put Everything in Easy Reach

Every second counts during the Super Bowl, both during the game and during the commercials, and no one wants to miss any of the action while heading to the kitchen to grab another drink or handful of chips.

Let your guests stay glued to the TV by keeping the food within easy reach on a large table in front of the couch. (The disposable table covers will definitely come in handy here.)

bite-sized pizza, fries, and dipping sauce 3. Go Bite-Size with the Snacks

Keep the mess to a minimum and select the best snacks that are bite-sized. You can stick toothpicks into your appetizers, too, to add an element of style to your snack selections.

Check out these recipes for bite-size snacks on the Food Network or these appetizer recipes from Better Homes and Gardens for great bite-sized snack ideas.

4. Prepare Your Stain Removers

It’s always helpful to prepare for spills, and having carpet cleaner on hand can help you prevent stains from forming on your carpet or on your sofa.

A little bit of dishwashing detergent can go a long way to clean up soft drinks, wine, and beer. Visit Good Housekeeping for easy cleaning solutions for just about any kind of stain, including beverages.

5. Stick with Disposable Plates

Avoid any mishaps and broken dishes by buying disposable plates, bowls, cups, and silverware before game day, and have your guests personalize their glasses with a permanent marker to prevent any misplacing. Then, instead of having to wash dishes, you can toss everything into the trash bag and stick it in the garbage.

Preparing to Sell Your Home? We Have Your Covered!

clean and decluttered living room ready for a home saleThe home selling preparations don’t stop even during the Super Bowl. We hope these mess-free party preparations can help you stay on track and avoid having to clean massive messes, and we can recommend other helpful tips for cleaning and decluttering your home that can save you time and money.

We’re available to talk if you need any advice, resources, or real estate information, and we can help you sell your home for top dollar and in a short time. Just give us a call today and let’s talk about your goals.

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