Real Estate Tax Deductions
The members of The Mountain Living Team are real estate agents not tax advisors.
The following list is merely examples of potential real estate deductions that may or may not be available to you. Ultimately you would need to talk to a professional tax advisor to find out if you meet any specific requirements necessary to qualify for the deduction.
- Mortgage interest paid
- Points paid to lower your interest rate
- Loan closing fee
- Depreciation (for home offices or investment properties)
- Capital Gains Exemptions
It is always a good idea to keep records of your expenses for repairs and improvements to the property as you may be able to add them to the basis when determining your taxable gain.
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