Potential Tax Breaks for St. Louis Home Owners - Prudential Select Properties St. Louis

Prudential Select Properties St. Louis can help buyers find the perfect St. Louis home.

 

Living in St. Louis is a great experience for home owners. It is a wonderful city filled with friendly people, great amenities, and excellent entertainment opportunities. What most St. Louis homeowners don’t know is there are a variety of potential tax breaks which accompany home ownership. Take a look through this list and determine for yourself whether any of these apply to your situation. Remember to consult a tax specialist with any specific questions you may have when it comes to your personal finances.  Working with the friendly team at Prudential Select Properties St. Louis, potential St. Louis homebuyers can find the perfect neighborhood to call home.

If you paid points in order to obtain your home mortgage you may be able to deduct them from your taxes during tax season. These types of fees are included on the list of income tax deductions and can be written off if they are associated with the purchase of a house. These can also be deducted if you refinanced your home however they must be done over the complete duration of the refinanced mortgage.

Property taxes whichyou pay on your home may be deductible from your year end taxes. As long as your property taxes are based on the assessed value of the real property then they are eligible for deduction. Both state and local property taxes are potentially deductible.

If you sold your home within the past year you may have the opportunity to deduct the selling costs from your income tax amount. Some examples of these costs would be title insurance, potential repairs which were required on the property, or broker’s fees incurred while selling the house. It is important to remember that the cost of repair is only applicable if those repairs were made within 90 days of the sale and they were made with the intent of increasing the marketability of the home.

If you primarily work from home you may be able to claim a tax deduction based on the upkeep of your home office. This involves a space which you use explicitly for business or meeting and dealing with customers. You may also be able to claim this deduction if you often use space in your home to store business materials on a long term basis.

Taking advantage of the potential tax breaks is just one more benefit of owning a home in the St. Louis area. Make sure to independently research these opportunities in order to obtain the greatest benefit from your home ownership and avoid any potential complications.

About Prudential Select Properties St. Louis:

At Prudential Select Properties we have only the best homes for sale in st. louis county. We specialize in St. louis county real estate and Saint Charles real estate. We make it our mission to find you the best homes for sale in st. louis county. We understand that it may be difficult to find saint louis county real estate by yourself, and having someone there to help you along way can be beneficial. We are the best in St. Louis Realestate.

Contact the experienced team at Prudential Select Properties St. Louis today.  Please visit the website at discoverstl.com.

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