Are you selling your Waltham home? If so, there are some tax deductions you could be eligible for such as:
- Selling Costs
- Improvements & Repairs
- Property Taxes
- Mortgage Interest
In this article, we’ll take a closer look into these tax deductions so you can see if they apply to you or not! However, remember to talk with your tax advisor before claiming any of these.
If there are costs directly related to the sale of your home and if you’ve lived in the home for at least 2 of the last 5 years, you may be able to deduct those costs from your taxes. However, Waltham Realtors claim that the home must have been your principal residence for those 2 years. This deduction could even apply to other fees such as home staging, escrow, marketing costs, and real estate commissions.
Improvements & Repairs
If you made any improvements or repairs on your home in order to sell it, you may be able to deduct those costs from your taxes. Waltham Realtors say this includes painting, repairing your roof, or making other minor repairs throughout your home. However, you should remember that in order for these to qualify for a tax deduction and be considered “selling costs”, you must complete them within 3 months of the closing on your home.
You’re eligible to deduct property taxes that you paid, up to $10,000. However, Waltham Realtors say to make sure you are not overclaiming. You can technically only claim for the time you still owned the property and were making those tax payments.
For the part of the year you still owned your Waltham property, you can deduct the interest you paid on your mortgage payment. This will be an itemized deduction so you can work with your accountant on claiming this deduction properly!
Sell Your Waltham Home with A Waltham Realtor
If you’re looking to sell your Waltham home, get assistance from Hans Brings! Hans is a Waltham Real Estate Agent with years of experience helping sellers get the best price possible for their homes. Contact Hans Brings today at 617-968-0022