Last Minute Real Estate Tax Tips

Phoenix Real Estate Video Blog with Curtis Johnson

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Tax season is here, but don’t worry, I have a few helpful tips that can lessen the sting of your tax burden.

The first thing that you can do to help yourself out is to gather and organize all the appropriate paperwork. Save anything and everything, because you will probably need it for one reason or another. If you pay private mortgage insurance, keep those documents too.

Also, keep any paperwork related to home improvements that you have made on your home. If you took out an equity loan to pay for these, the interest is tax-deductible up to a million dollars.

Determine whether you made any donations that were deductible. These would be items around your home that you got rid of. You can track your donations and estimate a dollar amount that you can deduct from your taxes.

Next, calculate your home office deductions and add up the square footage of your office. I have been doing this for seventeen or eighteen years and it really makes a difference when tax season comes around.

If you need more help or have any questions, please don’t hesitate to reach out.