There are countless advantages to owning a home, especially the tax deductions, so every year I like to sit down with Patricia Thompson, my go-to tax guru. Pat is the tax partner at Piccerelli, Gilstein & Company, LLP, and is one of the foremost tax experts in Rhode Island.  

 In preparation for the show, Pat created a comprehensive outline for deductions and strategies for home owners and real estate investors that I would be happy to email to you if you request it, but here is a brief overview of some of deductions homeowners can take:

• Mortgage interest, both first and second
• Real Estate Taxes
• Loan Points Paid on a Purchase
• Certain Closing costs
• PMI, mortgage insurance premiums.
• Moving expenses
• Energy tax credits
• First time homebuyer credit
• Selling the residence: Gain on sale of residence excluded up to $250,000 ($500,000 certain married individuals)

This Week’s Real Estate Insight:

The tax code is so complicated and changes so frequently that I would advise you to consult your own tax advisor to make sure you maximize the return on your investment.  

 

 listen to this week's show here: [47:54m]: Play Now | Play in Popup | Download