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. 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-defe...