The Lesser-Known Tax Benefits of Owning Property

Tax season is right around the corner, so today, I want to highlight some potential tax breaks you should ask your tax professional about.

Want to sell your home? Get a FREE home value report.  

Want to buy a home? Search all homes for sale.

Tax season is nearly upon us, so today, I wanted to touch on some of the lesser-known benefits of owning a home.

Let me start by saying that I’m not a CPA, and I recommend that you get your taxes done by a professional. These items are merely things you can bring to their attention to possibly write off on your 2016 taxes.

1. Interest paid on your mortgage. Everyone knows about this one, but did you know in some cases, you can write off taxes on your taxes? If you pay state or federal taxes, you may be able to include them on your 2016 return.
2. If you have made any improvements to your property for medical reasons, the cost may be a tax deduction.
3. If you use a portion of your home for a home-based business, you can get an additional write-off. I know at least here in Utah, many people have things like a salon or a multi-level marketing business on the side. If you run a business out of your home, be sure to talk to your CPA about it because there is a healthy tax break you may be able to claim.



“

If you use a portion of your home for a home-based business, you can get an additional write-off.

”



4. If you purchased a home last last year, part of the expenses of purchasing that home are also items you can write off. You’ll need a copy of your settlement statement, but if you can’t find it, give your agent a call or go to the title company that closed the transaction.
5. If you sold a home in 2016, you might not have to pay taxes on your profits. Did you own the home for more than two years? If you did own the property for more than two years, was it your primary residence, and if it wasn’t, did you at least occupy the home for two of the last five years? If you can answer ‘yes’ to both of those questions, odds are you won’t have to pay taxes on your home sale profits up to first $250,000 worth of profits if you’re single, or $500,000 if you’re married.

Hopefully this is some good news for you! If you have any other questions, don’t hesitate to give me a call or send me an email. I’d love to help!

Don’t Miss These 5 Holiday Events in Utah

Want to enjoy some holiday festivities without spending your brains out this Christmas? I have five ideas that are both fun and budget-friendly for families to do this season.

Want to sell your home? Get a FREE home value report.  

Want to buy a home? Search all homes for sale.

Today I wanted to give you five cool ideas for things you can do this Christmas in Utah that don't involve spending a ton a money. Here are some alternatives that won't leave you waking up on December 26th with a spending hangover:

1. Sledding at Big Cottonwood Canyon. In my opinion, this is the number one sledding hill in the state. It's a ton of fun.
2. The Midway Ice Castle, a short drive outside of Salt Lake City. The ice castle looks simply amazing, and it has a light show and ice skating. It will be up and running again this year.
3. The Heber North Pole Express. This is another close drive just outside of Salt Lake City. You can ride this really cool train with your kids and taste hot chocolate and all kinds of treats. Santa usually makes an appearance, too.
4. Visit Temple Square downtown. It's becoming world famous because of how gorgeous it is during Christmas. Do yourself a favor and take TRAX down because parking gets crazy down there.
5. Volunteer at a soup kitchen. Your whole family can take some time to help out for a good cause. You'll feel better about yourself and the holiday season.

“

I promise you'll have a great time without breaking the bank.

”

If you and your family check out any of these fun things to do in Utah, I promise that you'll have an awesome time this season without breaking the bank. If you have any other questions about these activities or about Utah area real estate, you can always give me a call or message me through my website. I look forward to talking with you soon!

Why Sell Your Home During the Holidays?

Selling your home during the holidays here in Utah is a great idea. Buyers are more motivated now than they are at any other time of year.

Want to sell your home? Get a FREE home value report.  

Want to buy a home? Search all homes for sale.

Why should you list your home right before the holidays here in Utah?

Most people think that they should wait until spring to list their home, but this is a mistake. In Utah, our housing inventory levels will fall by as much 30% starting right now. As we know, supply and demand drive prices. Listing now means you will be competing with far fewer homes.

The other factor most people forget about is that the buyers in Utah from November through February are by far the most motivated buyers you will see all year. If you think about it for a moment, it makes perfect sense: it’s cold, dark, and snowy, and they’re still out there hunting desperately for a house. These are buyers that are ready and willing to write offers.

“

We have a great crop of motivated buyers hitting the market.

”

The third thing to remember is that many relocation buyers hit the market in December, which means they have to be moved into their new place come January. So, again, we get this great crop of motivated buyers that only come out during this time of year.

As an added bonus, your home will probably look better during the holidays than it will all year. If you don’t like the idea of having to work around all your family plans, you don’t have to. All you have to do is let your Realtor know what dates and times you want blocked out, and they won’t let anyone show the home at those times.

If you have any questions at all, don’t hesitate to give me a call or send me an email. I hope you have a great day, and I look forward to hearing from you!