Being a homeowner and seller means there may be a large number of tax deductions that your are not aware of. We’ve outlined a number of them below but we would counsel you to always review these with a tax professional to make sure you qualify.

Mortgage Interest
Most home owners know that the interest you are paying on the loan on your home is tax deductible and mortgage interest is one of the best tax deductions for homeowners. The interest you deduct may be on a loan secured by your first or second home – however, your deductions may be limited if all mortgages on your home total either more than the fair market value or your home or more than $1M.

Capital Gains on Sale of a Home or Property
Once every two years single homeowners can take advantage of a tax exempt profit up to $250,000. when they sell their home, as long as the home has been the seller’s primary residence for a minimum of two out of the last five years. Married homeowners filing a standard joint tax return do not have to pay taxes on up to $500,000 of gains (profits) from the sale of their home.

Points Paid on Home Purchase
The points that are paid to get a lower interest rate on a home purchase loan are tax deductible for the year they year they were generated in.

Home Improvements
You cannot directly deduct the expenses typically associated with home improvements from your taxes. However, these improvements will in most cases increase the value of your home. And, keep all records of home improvement to help you prove what your home’s tangible worth is and you could potentially reduce the potential taxable gain when you sell your home.

Real Estate and Property Taxes
Nevada state and local taxes can be deducted as an expense against income; however, real estate taxes can only be deducted in they year they are actually paid to the government. In most cases you can easily grasp your real estate property taxes by referencing your mortgage interest doc that is issued by your lender.

Home Offices Deductions
I you maintain a home office you may be able to deduct the actual costs associated with improving and maintaining your office; this deduction is usually based on the square footage of your office as contrasted with overall square footage of your home. You can deduct expenses associated with the repairs and maintenance of the home office and even some portion of indirect expenses such as the cost of utilities and other miscellaneous costs.

Moving Expenses
If you have recently relocated for work or have to relocate for a job change you may be able to write off the cost of moving; i.e. household goods shipment and storage, actual transportation costs and other miscellaneous but reasonable costs.

Health Oriented Home Improvements
If you have in fact made home improvements for medical reasons such as to help a chronically ill or disabled person you may be able to deduct these expenses entirely from your taxes. But, you must be able to substantiate that these home improvements were directly related to a health issue, such as changes to a home to enable wheelchair access as an example.