One of the most significant tax benefits you as a homeowner will enjoy is arguably the mortgage interest deduction. This is applied to the interest you pay on your mortgage for your primary place of residence, though it may also apply to your second home or vacation home. For more insight into the specifics of […]
Tag: capital gains tax
Realize Tax Saving from Contributions to Charitable Organizations
The Tax Cuts and Jobs Act (TCJA) made many changes to the Tax Code, including dramatically increasing the standard deduction. The result is that fewer taxpayers will itemize their deductions. Taxpayers who do continue to itemize, generally high-net worth individuals, can continue to deduct their charitable contributions. This is a good thing for nonprofit organizations. […]
Selling A Home: Will You Owe Tax On The Profit?
Many homeowners across the country have seen their home values increase recently. According to the National Association of Realtors, the median price of homes sold in July of 2021 rose 17.8% over July of 2020. The median home price was $411,200 in the Northeast, $275,300 in the Midwest, $305,200 in the South and $508,300 in […]