Prepare for Tax Season with These Real Estate Tax Breaks for Homeowners

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When it comes to your real estate taxes, check out these tax breaks for homeowners.

As the year begins, it’s time to start getting ready for tax time. April will be here sooner than you know it. Make filing your taxes run smoothly, by being prepared. When it comes to homeownership, it’s important to take note of any special tax breaks. Check out what you need to know about homeowner tax breaks so that you’re prepared to file your taxes.

Property Taxes.

As a homeowner, you’re responsible for property taxes. However, often times your mortgage loan has a built-in escrow account that helps to hold your tax money. When you pay your loan, check your statements to ensure that your home financing information shows your property tax information. Often these taxes set aside in escrow will count toward a tax deduction so that you can save money.

Selling Your Home.

When you move, it’s important to be aware of the tax benefits that come with selling your home. If you’ve sold your home in 2016, pay attention to your profits. While most people owe tax on income from their home sale, if you net less than $250,000 and you’ve lived on the property for at least two of the past five years, then your earnings are tax-free. Pay close attention to your profits so that you know what you’re responsible for, come tax time.

When it comes to your real estate taxes, it’s important that you’re prepared for tax season. Take care to prepare your taxes and take care to get through your home’s escrow process. Dedicated service paired with top-tier escrow services are a must when closing an escrow deal. Contact Brighton Escrow for assistance! Our Hermosa Beach, California team is committed to helping you make the most of your escrow process.

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