Calling All Homeowners: Have You Done Your Taxes Yet?
Calling all homeowners! As you may have seen already, the tax deadline has changed due to the COVID-19 pandemic. That being said, have you done your taxes yet? If not, this is the blog for you! Our mortgage lenders at the Lake of the Ozarks are here to give you a few tax deductions to be aware of in this week's blog. Are you looking to refinance your home loan due to the low rates that are coming out during this pandemic? Call our mortgage company in Osage Beach today. MHQ - Mortgage Headquarters can be reached at (573) 302-9990.
DO YOU OWN A VACATION HOME?
If you do, you can deduct mortgage interest and property taxes from second homes and vacation homes as long as the properties are rented for 14 days or less per year.
HAVE YOU LOOKED AT YOUR MORTGAGE INTEREST LATELY?
If you itemize deductions, you may reduce your taxable income by deducting any interest paid on your home mortgage. Be sure to ask your tax accountant about this.
WHAT IS YOUR PROPERTY TAX?
If you itemize deductions, you may also reduce your taxable income by deducting property taxes you pay on your home. Be sure to ask your tax accountant about this as well.
DO YOU WORK FROM HOME?
Many started working from home due to the COVID-19 pandemic, but there are also a lot of people who were working from home long before this pandemic even started. If you are a homeowner that works from home, this particular deduction may concern you. However, your home must be used “regularly and exclusively” for business and it must be either a principal place of business; a place where the homeowner meets clients or customers; or a separate unattached structure. You can even be an employee and still qualify for the tax breaks. The point here is that this deduction is worth asking your tax accountant about.
All of us here at MHQ-Mortgage Headquarters hope you found this blog helpful if you are still working on your taxes. Again, if you have decided to refinance your home loan due to the lower rates, that is an entirely different conversation that we'd be happy to have with you! Give us a call today. We can be reached at the phone number listed below. You should also follow us on our social media channels listed below to stay up to date on our latest announcements. You can also find more information on refinancing on our website www.MHQMortgage.com.
Mortgage Headquarters of Missouri, Inc
4824 Osage Beach Parkway, Suite 1
Osage Beach, MO 65065
Office: (573) 302-9990
Toll Free: (888)799-1206
Fax: (636)648-9917
NMLS # 1229111
www.MHQMortgage.com
Homeowner Tax Deductions To Be Aware Of
DO YOU OWN A VACATION HOME?
If you do, you can deduct mortgage interest and property taxes from second homes and vacation homes as long as the properties are rented for 14 days or less per year.
- If any rental exceeds the 14-day limit per year, the IRS considers this as an income property.
- When such income property is sold, the seller will either have to pay the capital gains tax or conduct a tax-deferred exchange for other income-producing real estate of equal or greater value.
- For income property, mortgage interest, property taxes, and other expenses must be deducted against any income produced by the property.
- Vacation and second homes include condominiums, houses, apartments, mobile homes, boats, and similar property.
HAVE YOU LOOKED AT YOUR MORTGAGE INTEREST LATELY?
If you itemize deductions, you may reduce your taxable income by deducting any interest paid on your home mortgage. Be sure to ask your tax accountant about this.
WHAT IS YOUR PROPERTY TAX?
If you itemize deductions, you may also reduce your taxable income by deducting property taxes you pay on your home. Be sure to ask your tax accountant about this as well.
DO YOU WORK FROM HOME?
Many started working from home due to the COVID-19 pandemic, but there are also a lot of people who were working from home long before this pandemic even started. If you are a homeowner that works from home, this particular deduction may concern you. However, your home must be used “regularly and exclusively” for business and it must be either a principal place of business; a place where the homeowner meets clients or customers; or a separate unattached structure. You can even be an employee and still qualify for the tax breaks. The point here is that this deduction is worth asking your tax accountant about.
All of us here at MHQ-Mortgage Headquarters hope you found this blog helpful if you are still working on your taxes. Again, if you have decided to refinance your home loan due to the lower rates, that is an entirely different conversation that we'd be happy to have with you! Give us a call today. We can be reached at the phone number listed below. You should also follow us on our social media channels listed below to stay up to date on our latest announcements. You can also find more information on refinancing on our website www.MHQMortgage.com.
Mortgage Headquarters of Missouri, Inc4824 Osage Beach Parkway, Suite 1
Osage Beach, MO 65065
Office: (573) 302-9990
Toll Free: (888)799-1206
Fax: (636)648-9917
NMLS # 1229111
www.MHQMortgage.com
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