MHQ - Mortgage HeadQuarters

As we make our way into the fourth quarter of the 2018 fiscal year, many people are beginning to think about the upcoming tax season. If you've recently bought or are considering  buying a new home at the Lake of the Ozarks , you may have some questions about what kind of tax benefits are available to you when you purchase a home. To help answer some of those questions, we wanted to share with you some tax deductions that every homeowner should know about! Second Home/Vacation Home Homeowners 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 tax...

With the New Year kicking off, many people are beginning to think about tax season. If you've recently bought or are considering buying a new home at the Lake of the Ozarks , you may have some questions about what kind of tax benefits are available to you when you purchase a home. So, this week, we wanted to share with you some tax deductions that every homeowner should know about! Mortgage Interest Deduction Homeowners who itemize deductions may reduce their taxable income by deducting any interest paid on a home mortgage. The deduction is limited to interest paid on up to $750,000 of debt incurred to purchase or substantially rehabilitate a home. While previously, homeowners were able to deduct interest paid on up to $100,000 of home equity debt, regardless of how they use the borrowed funds, in 2018, home mortgage interest from home equity loans will no longer be deductible. Property Tax Deduction Homeowners who itemize deductions may also reduce their taxable income by...