tax reform adjusts the law, limiting deductions for these personal taxes, which are commonly called "SALT" taxes, to a total of $10,000. This change will hit those with high property tax bills hardest. And going forward, that may impact how people view purchasing homes with heavy tax burdens, experts say.
The state and local taxes you pay – like income, sales, and property taxes – are still itemizable write-offs. That’s called the SALT deduction in CPA lingo. But. The tax changes for 2019 (that’s tax year 2018) mean you can’t deduct more than $10,000 for all your state and local taxes combined, whether you’re single or married.
Or if your property taxes are lower, there may be money left in the deduction limit to deduct some state income or sales taxes as well. Deducting points. Buying a house can involve paying "points" – charges you pay to obtain a mortgage.
Prior to the TCJA, taxpayers who itemized could deduct the interest paid on a mortgage for their main home and a second home. The deduction was limited to interest on home acquisition debt of up to $1 million, plus home equity debt of up to $100,000.
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Unfortunately, most of the expenses you paid when buying your home are not deductible in the year of purchase. The only tax deductions on a home purchase you may qualify for is the prepaid mortgage interest (points). To deduct prepaid mortgage interest (points) paid to the lender if you must meet these qualifications:
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Moving deduction. If you have to sell your house because you’re relocating for work, you might be able to deduct some of your moving expenses, says Chantay Bridges, a licensed senior real estate agent in Los Angeles, CA. Deductions could include transportation costs, travel to the new place, storage costs, and lodging costs. 3. Property tax.
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Homeowner Tax Credits and Deductions. The premium can be deducted when you file taxes as long as your income is less than $100,000 ($50,000 for those who file married filing separately). The AGI is reduced after $50,000 and goes away after $54,000.
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Capital Gains Exclusion. If you did, you can exclude up to $250,000 of the gain from taxes if you are single or married filing separately or up to $500,000 if you are married filing jointly. In other words, if you’re married and made $400,000 on the sale of your house, you would pay no taxes on that profit.