Taxes and Real Estate
With the end of the year approaching quickly, now is a great time to evaluate your tax situation and determine if there are any things you can or need to do before the new year rings in.
Here are some common Real Estate Tax situations to evaluate:
- Mortgage interest
- Property taxes
- Casualty losses not compensated for by insurance or other means
- Income or loss from rental activities
- PMI Premiums (for mortgages issued after 2006)
- First Time Home Buyer Tax Credit
- Energy credits
- Some home improvements
- If you sold a home in 2011 you may qualify to exclude gains from your income. Generally if your profits don’t exceed $250,00 , $500,000 for married couples, and you meet the time requirement, you could qualify.
In this article Bankrate.com discusses how the capital gains tax works and who qualifies for the exemption.
Different exemptions apply to different people so check with your tax professional to see how they apply to your specific situation.
For information about buying or selling a Houston home, call The CHRIS WYLIE TEAM today at 281.583.9393