Money-Saving Tax QuestionsMarch 22, 2015
The day has finally arrived. The “for sale” sign has been officially removed from your yard and you have a sizable check in your hand. Now that you’re no longer a homeowner, you may be asking yourself, “Now What?”
Well, don’t scurry off to the bank just yet. Tax season is right around the corner and selling your home can carry a number on consequences that you may want to take into consideration.Â
For example, you may be curious as to what you can and can’t write off as a deduction. Although you can’t deduct commission for the sale of a personal residence, you can deduct fees for service paid for tax advice and preparation – this includes your tax attorney and your accountant. You can also deduct the interest that you pay toward your home mortgage, to a certain extent.Â
There’s a lot that goes into tax season, especially if you recently bought or sold real estate in Destin, Florida. It is important to as your tax or real estate law professional so that you understand everything moving forward and keep the green in your wallet.