{"id":1245,"date":"2021-02-16T06:00:46","date_gmt":"2021-02-16T11:00:46","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=1245"},"modified":"2024-04-25T23:20:03","modified_gmt":"2024-04-26T03:20:03","slug":"hot-tips-for-tax-season-and-for-hopeful-homeowners","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/hot-tips-for-tax-season-and-for-hopeful-homeowners\/","title":{"rendered":"Hot Tips for Tax Season \u2014 And for Hopeful Homeowners"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"alignright is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/02\/tax-tips-for-hopeful-home-buyers.jpg\" alt=\"Image of some paper, a couple of cups of coffee, and hands using a tablet computer. Captioned: Hot Tips for Tax Season \u2014 And for Hopeful Homeowners\" class=\"wp-image-1246\" width=\"432\" height=\"288\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/02\/tax-tips-for-hopeful-home-buyers.jpg 576w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/02\/tax-tips-for-hopeful-home-buyers-300x200.jpg 300w\" sizes=\"auto, (max-width: 432px) 100vw, 432px\" \/><\/figure><\/div>\n\n\n\n<p>Tax season is here. What better time to think about the tax\nimplications of a real estate investment? <\/p>\n\n\n\n<p>Here is a selection of updates and tips, based on 2021 news\nand policy trends. We\u2019ve designed this article to be informative for homeowners\nand aspiring homeowners alike. <\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">If You\u2019ve Been Paying Off a Mortgage <\/h2>\n\n\n\n<p>We\u2019ll start with a basic perk for homeowners. The good old <a href=\"https:\/\/www.irs.gov\/publications\/p936\" target=\"_blank\" rel=\"noreferrer noopener\">mortgage interest deduction<\/a> is a nice break if you\u2019re\na homeowner who opts to itemize. Your mortgage company should have provided\nForm 1098 to you at this point; the forms must be sent out by Feb. 1 annually, so\nhomeowners can get busy filling in their tax returns. <\/p>\n\n\n\n<p>Form 1098 lays out the interest you paid on your mortgage last\nyear. Interest is deductible for:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>A basic mortgage. The IRS offers a tutorial on <a href=\"https:\/\/www.irs.gov\/help\/ita\/can-i-deduct-my-mortgage-related-expenses\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">deducting mortgage-related expenses here.<\/a><\/li><li>A second mortgage \u2014 that is, your home equity loan \u2014 if you borrowed the money for big upgrades like a kitchen makeover or structural improvements. It\u2019s a great idea to have your upgrades appraised, to be sure you have a demonstrable claim that you have boosted your property value. <\/li><\/ul>\n\n\n\n<p>If you itemize, you can also deduct up to $10,000 on\nSchedule A of your tax return (or $5,000, if married and filing separate\nreturns) for your combined state and local taxes \u2014 property taxes\nincluded. This amount could change, but expect this limit for your 2020 and\n2021 tax years. If you bought a house last year, you began paying property\ntaxes at closing. <\/p>\n\n\n\n<p><strong><em>Important note:<\/em><\/strong> Does your mortgage servicer\npay your local taxes through an escrow account that you regularly pay into? Property\ntaxes are deductible for the year and month the payment actually leaves your\nescrow account to pay the government \u2014 not when you deposit the funds. The IRS\ndoesn\u2019t permit deductions on property taxes until they are actually paid. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">If You\u2019ve Been Working in Your Home Office <\/h2>\n\n\n\n<p>During the 2020 tax year, the pandemic uprooted many people from commercial offices. Now, the IRS notes, there are <a href=\"https:\/\/www.irs.gov\/newsroom\/heres-what-taxpayers-need-to-know-about-the-home-office-deduction\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">more people working from home<\/a> than ever. Some of these people established home-based businesses. <\/p>\n\n\n\n<p>If you\u2019re one of these people, your home office expenses may\nbe tax-deductible. This is the case if you&#8217;re self-employed or working through\ncontracts with companies. Deductions currently cannot be taken if you&#8217;re a remote\nemployee for a company you do not own. <\/p>\n\n\n\n<p>To qualify for the deduction, you need to have used a room or a distinct part of your home &#8220;regularly and exclusively&#8221; as your principal place of business. Calculate your deductions on <a href=\"https:\/\/www.irs.gov\/newsroom\/heres-what-taxpayers-need-to-know-about-the-home-office-deduction\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">IRS Form 8829<\/a> based on your actual receipts, or with the simplified deduction: $5 per square foot of your home office, up to $1,500. <\/p>\n\n\n\n<p>If you used a room or sectioned off part of a room for work, measure the space that\u2019s dedicated to your work, for deducting indirect home office expenses, like utilities. These expenses also include homeowner\u2019s insurance and condo fees correlating with the percentage of your home\u2019s space used. Direct home office expenses, like laptops and office chairs, are fully deductible. The home office deduction is <em>not<\/em> applicable to any part of the home used exclusively as a hotel-type business. The IRS discusses rentals of real estate, as well as depreciation of space in your home for business, in its discussion of <a href=\"https:\/\/www.irs.gov\/publications\/p946\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">depreciation<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">If You Sold Your Home in 2020<\/h2>\n\n\n\n<p>If you sold your home in 2020, you either lost or gained\nmoney on the deal. Most people profit on home sales, but if you lost money, the\nloss is considered a personal expense. The loss is not tax-deductible unless\nyou used the home for business or as a rental property. <\/p>\n\n\n\n<p>Also, the transfer taxes levied on deed conveyances from one\nowner to the next are not tax-deductible.<\/p>\n\n\n\n<p>Now for the good news. If you sold a home that served as your\nprimary residence and you made money from the sale, you may qualify for a tax\nbreak. If you lived in the home for at least two of the last five years when\nyou sold it, you may exclude up to $250,000 in capital gains (sale profits over\nand above the basis you originally paid for the house) from tax. A couple filing\ntaxes jointly may exclude up to $500,000 for gains in the home sale. <\/p>\n\n\n\n<p>And if you experienced a life-changing event in 2020 that\nresulted in your move, you might be eligible to have the two-year primary\nresidence requirement waived.<\/p>\n\n\n\n<p>\u261b <strong><em>Pro tip: <\/em><\/strong>If\nthat exclusion is not enough to cover your gains, or you don\u2019t qualify for the\nexclusion, ask your accountant about ensuring the tax basis you are using is as\nhigh as it can be. Certain closing costs can be appropriately added to the\nhome\u2019s original cost to you. If you invested in structural upgrades, they might\nbe permissible to include in your cost basis \u2014 thus reducing your capital\ngains. This is one reason why you\u2019ll want to keep the receipts with your <a href=\"https:\/\/www.deeds.com\/articles\/new-homeowners-document-checklist-storage-plan\/\">homeowner\u2019s\npaperwork<\/a> for when you sell.<\/p>\n\n\n\n<p>For high-income investors, legislation raising the rate on long-term capital gains <a href=\"https:\/\/www.taxpolicycenter.org\/taxvox\/new-study-suggests-congress-could-raise-money-increasing-capital-gains-tax-rates-47-percent\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">from 23.8% up to 39.6%<\/a> could pass under the current administration; this may be notable if you\u2019re deciding whether to sell now or later.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">If You\u2019re Hoping to Buy in 2021<\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignright is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/02\/hoping-to-buy-real-estate-in-2021.jpg\" alt=\"Image of a person in a graduation costume.\" class=\"wp-image-1247\" width=\"370\" height=\"245\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/02\/hoping-to-buy-real-estate-in-2021.jpg 493w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/02\/hoping-to-buy-real-estate-in-2021-300x199.jpg 300w\" sizes=\"auto, (max-width: 370px) 100vw, 370px\" \/><\/figure><\/div>\n\n\n\n<p>First, a few words for hopeful first-time buyers. If you\u2019re\nbogged down in student loans, and your debt-to-income ratio has previously\nbarred you from obtaining a home loan, there might be light at the end of the\ntunnel. Two proposals are especially notable:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>President Biden is considering <a href=\"https:\/\/www.cnbc.com\/2021\/02\/04\/biggest-winners-in-democrats-plan-to-forgive-50000-of-student-debt-.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">$50,000 in student loan forgiveness<\/a>, in a plan that would make 80% of federal student loan borrowers debt-free. <\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>A Biden <a href=\"https:\/\/www.housingwire.com\/articles\/bidens-15000-first-time-homebuyer-tax-credit-explained\/\" target=\"_blank\" rel=\"noreferrer noopener\">first-time buyer tax credit<\/a> may be on the way. The\nnew benefit could be \u201cup to $15,000\u201d in funds available and applicable right at\nthe time you close on your new home.<\/li><\/ul>\n\n\n\n<p>If you\u2019re ready to apply now, online mortgage approvals are fast\nbecoming the method of choice. Today, the majority of mortgage applications are\nbeing submitted online.<\/p>\n\n\n\n<p>And, thanks to a new generation of digital native home buyers, consumer empowerment is the leading trend in the mortgage world. United Wholesale Mortgage recently made a splash on Wall Street with its initial public offering \u2014 a move that prepares UWM to go toe-to-toe with Rocket Mortgage. With UWM\u2019s new <em><a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/findamortgagebroker.com\/\" target=\"_blank\">FindAMortgageBroker.com<\/a><\/em>, a hopeful buyer can shop for a local, independent broker using a mapping tool. And using its <a href=\"https:\/\/findamortgagebroker.com\/resources\/home-value-estimator\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">value estimator<\/a>, the shopper can find out what the home is worth and what the buyer will pay in property taxes.<\/p>\n\n\n\n<p><strong>\u261b<\/strong><strong> You can read more on <a href=\"https:\/\/www.deeds.com\/articles\/on-stage-and-behind-the-scenes-in-a-mortgage\/\">the\nrole of your mortgage broker here<\/a>, as well as the role of the\nlender, the servicer, and other key parties.<\/strong><\/p>\n\n\n\n<p>Once your loan application is under way, have a plan to\nstore the documentation you create and receive. Our <a href=\"https:\/\/www.deeds.com\/articles\/new-homeowners-document-checklist-storage-plan\/\">New\nHomeowner\u2019s Document Checklist &amp; Storage Plan<\/a> can help you\nprepare to organize your paperwork and be sure its helpfully copied, organized,\nand securely stored.&nbsp;see <a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-publication-530\" target=\"_blank\" rel=\"noreferrer noopener\">IRS\npublication 530<\/a> for more information on records you should keep, and\nexpenses homeowners are permitted to deduct from their taxes.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">If You\u2019re Planning to Sell in 2021<\/h2>\n\n\n\n<p>What\u2019s new for sellers to know? <\/p>\n\n\n\n<p>As you\u2019ve likely heard, it\u2019s a seller\u2019s market out there. So,\nif you\u2019ve been thinking of making a move, this could be the right year to act.\nIf you\u2019ve not refinanced recently, you could get a double benefit: a lower\nmortgage interest rate when you purchase your new home. Just be prepared for\nthe prices you\u2019ll see when you look at the homes for sale. Today\u2019s low interest\nrates have only increased the competition among buyers. <\/p>\n\n\n\n<p>To help bolster your sale profit, think like a work-from-home\nbuyer! There\u2019s a high chance your buyers are, or will be, remote workers in\n2021 or in the years ahead. Homes with dedicated office spaces are especially\ndesirable.<\/p>\n\n\n\n<p><strong>\u261b Getting your home ready for the market? See our guide to <a href=\"https:\/\/www.deeds.com\/articles\/selling-your-house-working-from-home-may-impact-buyer-preferences\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">increasing your home\u2019s remote-work appeal<\/a>.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Back to Business as Usual: An On-Time Tax Return Date This Year<\/h2>\n\n\n\n<p>We have a deadline of April 15<sup>th<\/sup>, 2021 for filing\nour 2020 taxes. The standard deduction is now $12,400 (double that for couples filing\njointly). There are a number of changes to the tax code, courtesy of the CARES\nAct. Ask your tax professional for further information.<\/p>\n\n\n\n<p>Please note that nothing in this article is intended as, or should be considered, investment, tax, or legal advice. <em>Deeds.com<\/em> does not receive income or benefits from the companies mentioned in our articles. We offer our articles as news and general information, and urge our readers to make investment and tax decisions with the advice of licensed professionals.<\/p>\n\n\n\n<p class=\"has-small-font-size\">Photo credits: <a href=\"https:\/\/unsplash.com\/photos\/9OWS4lT5iqQ\">Avel <\/a><a rel=\"noreferrer noopener\" aria-label=\"Chuklanov (opens in a new tab)\" href=\"https:\/\/unsplash.com\/photos\/9OWS4lT5iqQ\" target=\"_blank\">Chuklanov<\/a> and <a href=\"https:\/\/unsplash.com\/photos\/VnydpKiCDaY\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Muhammad Rizwan<\/a>, via Unsplash. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tax season is here. What better time to think about the tax implications of a real estate investment? Here is a selection of updates and tips, based on 2021 news and policy trends. We\u2019ve designed this article to be informative for homeowners and aspiring homeowners alike.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-1245","post","type-post","status-publish","format-standard","hentry","category-general"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Hot Tips for Tax Season \u2014 And for Hopeful Homeowners - Deeds.com<\/title>\n<meta name=\"description\" content=\"selection of updates and tips, based on 2021 news and policy trends. 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