Its Tax Season Again! Take Advantage of your Property Sale in Jacksonville!

By February 25, 2014Traditions Property Blog

Here is your warning, Jacksonville! Next week is the start of MARCH! Yes! MARCH! That means that your deadline to file your taxes is fast approaching. The good news is that filing your taxes after buying a house can actually mean extra money in your pocket. A property sale in Jacksonville is something that you need to report on your taxes.

There is no reason to dread tax season. Buying a home means you might qualify for some pretty nice tax deductions!

Our partner-led team offers the full range of legal and tax expertise such as a estate planning lawyer, you need to help you plan effectively for the future. We’re experienced in dealing with complex estates, often with international elements. Estate planning is not just about reducing tax. It’s about giving you peace of mind for the future, knowing you’ll have enough after retirement and your loved ones will have the financial support they need. Every family is different and every estate is unique. We understand this and we work with our in-house small business taxes specialists and, where appropriate, financial planners to create a bespoke plan that works for you and what you want to achieve.

While you should definitely consult with a tax specialist about how you can go about getting these deductions without one of those friendly audits at the end of the year, make sure that you tell your tax specialist that you bought a home last year, and that means you think you should qualify for a few of these special deductions:

  • Home offices: Having a dedicated office space in your home used for work purposes can potentially qualify you for further deductions.
  • Healthcare Renovations: Any renovations made to your home for medical purposes are often deductable.
  • Private Mortgage Insurance: Private mortgage insurance or PMI sometimes qualifies you for further deductions.
  • Points on Closing Costs: Those who purchased a home in Jacksonville in 2012 may be able to deduct points paid at closing.
  • Relocation: Purchasing a new home because of a business related move may qualify you for deductions.
  • Refinancing Costs: Costs paid through mortgage-refinancing are potentially eligible for a deduction.
  • Capital Gains: Was a home transferred to your name this year? In most cases, capital gains on home transference are tax exempt.
  • Mortgage interest: The interest paid on a home loan is often deductable. If you are still paying a mortgage on your home then ask your tax specialist about this deduction.
  • Second Property: Your latest investment property purchase in Jacksonville—including your vacation home—could qualify you for deductions.

Remember that this list is intended to help you, but should not replace the advice and expertise of a qualified tax specialist, make sure to contact a tax problems lawyer if you have any issues.