4 Tax Deductions Every Home Seller Needs to Know About
LOUISIANA REALTORS • May 3, 2018
April is known for a lot of different things; spring time, showers, baseball, and taxes. While the latter is the least pleasant of those three, if you sold your house last year, or are planning to sell
it this year, you could have a few extra deductions to make, which could make tax season a little brighter. Here are four tax deductions that every home seller should be aware of.
Property Taxes
Any property taxes that you paid on the home you sold or will sell, are deductible up to the time that you sold it. This deduction is capped at $10,000.
Selling Costs
Any cost associated with the sale of your home is tax deductible. Everything from legal fees, escrow fees, commissions, advertising and more can be deducted.
Home Improvement and Repairs
Making improvements and repairs
to your home before it goes on the market, or as a contingency for sale, can all be deducted from your taxes. Whether it was a room remodel, painting the house, landscaping, a new roof, or something else; as long as these improvements were made within 90 days of closing, their associated costs can be deducted.
Moving Expenses
After selling your home, it stands to reason that you likely incurred some moving costs. If you sold your home and moved as a part of your job, the cost of hiring a moving company, renting a truck, and other associated costs can be deducted from your taxes.
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These are only a few of the deductions that can help to take the sting out of next tax season. Always consult a tax professional when filing to make sure that these, or any other deductions are appropriate for your situation.
NAR is sharing its latest consumer guide, Seller Handoff Checklist . Sellers can create a smooth transition for the new owners using the new one-page guide. It offers a handy checklist of information and resources that sellers can pass along—from appliance manuals to paint colors to garbage pickup schedules—as well as suggestions for goodwill gestures that will help buyers feel they made a great purchasing decision. As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow up to two weeks for the Spanish version of the latest resource to be translated and uploaded. For ease of reference, below is a list of the most recent guides: NEW: Seller Handoff Checklist Defining Home Buying Needs vs. Wants 10 Tips For Unpacking Smartly After A Move UPDATED: Multiple Listing Services Overcoming Roadblocks to a Sale or Purchase Thank you for your continued engagement with the “Consumer Guide” series and for sharing the resources with prospective clients to ensure they have the information they need to find success in their home buying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. Check out the next consumer guide on condominium insurance.
NAR Community and Transportation Preference Survey reinforces need for housing choices and shows support for community design to easily access daily destinations.
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